Henkel expects to close deal to sell business in Russia in the first quarter
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The German manufacturer of cosmetics and household chemicals Henkel expects to close its business in Russia by the end of the first quarter of 2023, says in the company’s report.
“It is expected that by the end of the first quarter of 2023, business in Russia will be closed,” the message says.
On termination of business in Russia Henkel announced in April 2022. In March, the German manufacturer announced the suspension of all planned investments in Russia. Last December Simon Bajel-Tra, Chairman of the Henkel Shareholders Committee and Supervisory Board reportedthat the company has launched the process of selling the Russian business and plans to complete it in the near future.
Bazhel-Tra specified that the list of potential buyers was significantly narrowed after several persons became interested in buying the Russian asset. According to her, there are 11 production sites in Russia, this market brought about $1.06 billion annually. Henkel clarified that the company has separated its business in Russia into an independent company. The cost of the deal was not specified.
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