Adhesive manufacturer Henkel has signed an agreement on the sale of its business activities in Russia to a consortium of “local financial investors”.
In April 2022, the company had announced the decision to exit from Russia, following the country’s invasion of Ukraine.
“Against the background of the current developments of the war in Ukraine, Henkel has decided to exit its business activities in Russia,” a company statement on 19th April, 2022 read.
The consortium that acquires the Henkel business activities in Russia includes Augment Investments, Kismet Capital Group and Elbrus Services.
All acquirers have “established and long-standing business relationships in Western countries and are not subject to EU or US sanctions”, according to Henkel.
The agreed purchase price amounts to 54 billion rubles, or around 600 million euros.
Henkel said the relevant Russian authorities have already approved the transaction, and the final closing is still pending.