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German construction materials manufacturer Knauf is completely shutting down its operations in Russia after more than 30 years of work on the Russian market.
Source: DW
Details: The company did not name specific reasons for its withdrawal from Russia, saying that it is happening amid “current events.”
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The company said in a statement that it has decided to transfer the entire business, including raw materials extraction, production and sales, to local management in order to save jobs for more than 4,000 employees. However, the process of transferring the business is yet to be approved by the Russian government.
Recently, Knauf, which had a turnover of €15.4 billion in 2022, has been criticised again for its operations in Russia, as well as in Russia-occupied Ukrainian Mariupol.
Background:
- In November 2023, the National Agency on Corruption Prevention added Knauf, the largest German investor in Russia’s construction industry, to the list of international war sponsors.
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