Henkel Seals Russian Exit Plans
Henkel has now decided to pull out of Russia, due to the country’s invasion of Ukraine. The German consumer chemicals producer said, however, it would keep paying its 2,500 employees there until the exit is complete.
In a statement, CEO Carsten Knobel said the company is working with its teams in Russia to make the transition as smooth as possible. The Düsseldorf-based manufacturer of branded products for home and beauty care, along with adhesives, said Henkel “condemns the Russian war against Ukraine and the violence against innocent civilians.”
Knobel added that the company is providing “extensive support” to its employees and the people of Ukraine and neighboring countries by offering financial donations as well as food and material donations.
Early in the war, Henkel wound down all advertising and sponsorship activity in Russia but as April started was still hesitant to pull the plug. It said, however, it was monitoring the situation while complying with all Western sanctions.
Executives told the annual general meeting on Apr. 4 that Henkel did not expect to have to write down any Russian assets. There was a threat, however, that brand names and some of the company’s 11 production facilities in the country could be expropriated.
Author: Dede Williams, Freelance Journalist
