Following a strategic review of its presence in Russia, Hempel has decided to initiate a controlled exit from Russia and is considering different scenarios. Hempel has had a presence in Russia since 1996 and employs 124 employees there.
Hempel earlier announced the cessation of its operations in Russia, specifically stopping all deliveries into and out of Russia, stopping all deliveries in Russia, stopping taking orders in Russia, and completing a safe closure of its production in Ulyanovsk.
Hempel halts operations in Russia
Lars Petersson, Group President and CEO at Hempel, said “We are deeply saddened to watch the war in Ukraine continue to unfold. In March, we suspended our activities in Russia, based on the increasingly difficult trading environment. We have now made the decision to step away from our business in Russia."
He adds, "We will do our utmost to safeguard the future employment of our colleagues in Russia and we thank them for their loyal service to Hempel. Our focus continues to be on the support and safety of our employees in the region and while we regret this outcome, we feel we do not have any other option."
Hempel continues to monitor developments and always adheres to international rules and sanctions.