German consumer goods group Henkel leaves Russia | The Guardian Nigeria News

0

German consumer goods group Henkel, which includes beauty brand Schwarzkopf and adhesive Pritt, said on Tuesday it would join a series of other companies in exiting the Russian market.

Henkel has “decided to exit its business operations in Russia”, where it employs 2,500 people, the company said in a statement.

The financial impact on the Düsseldorf-based group “cannot be quantified at this time”, he added.

Henkel announced in early March that it would halt its investments in Russia, while continuing to supply the market with “essential goods” through its range of home and personal hygiene products.

Before the outbreak of war, about 5% of Henkel’s revenue came from the Russian market.

The group’s exhibit reflects the close ties that German companies have sought to develop with Russia.

A wave of German companies headed for the exit door following the invasion of Ukraine.

Immediately after, flagship automakers such as Volkswagen, BMW and Mercedes-Benz said they would halt exports to Russia and halt production at their factories in the country.

Others have decided to continue their operations in Russia, despite Western sanctions against the government of President Vladimir Putin.

The pharmaceutical giant Bayer has stopped “non-essential activities” but continues to supply Russia with health and agricultural products.

Wholesaler Metro continued operations, citing a “responsibility” to customers who bought food from the company.

Ritter Sport, typically square candy bars, also stayed in Russia and earned the ire of Ukraine’s Ambassador to Germany, Andriy Melnyk, who called out the company on Twitter.

The confectioner said in late March that it would donate profits from the Russian market to “humanitarian aid organizations”.


Source link

Share.

About Author

Comments are closed.