Norwegian paint manufacturer Jotun sold its assets in Russia to Atomstroykompleks
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Norwegian paint manufacturer Jotun announced the sale of its assets to the Russian industrial company Atomstroykompleks, reported on the company’s website.
“We have been working on finding a solution for our activities in Russia since the end of February. It is becoming increasingly difficult to work in the country under sanctions, and we understand that the situation will not change in the near future,” the company explained its decision.
Jotun added that employees (about 300 people) will keep their jobs under the new owner, the deal was not disclosed.
Jotun has been doing business in Russia since 1989; the company opened its production facilities in the country in 2017.
Earlier in April Russia left Finnish paint manufacturer Teknos Group.
After the start of Russia’s special operation in Ukraine, a number of companies announced their withdrawal from Russia. According to Yale University, activities in the Russian Federation suspended over 1000 companies. Earlier, the Finnish engineering company Wartsila, the Polish producer of vegetables, fruits and berries Hortex and the Swedish company Electrolux Professional announced a complete cessation of work in Russia. All three companies transferred their Russian business to local management.
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