HELSINKI — Paint and coatings manufacturer Teknos Group has decided to implement a controlled exit from the Russian market and is considering different scenarios. The company reports that the decision is a result of the war in Ukraine.
On March 4, Teknos announced the suspension of its operations in Russia; measures to scale down the business were implemented on April 12.
“We are sad to see the war in Ukraine continue to unfold. Due to evolution of the situation and circumstances, we do not see any possibility to conduct our business in this environment. Taking into consideration the worsening local business conditions, we have decided to start planning an exit from Russian market. I want to thank our employees for their commitment and all business partners for cooperation and trust. Our aim is to find an entity that may carry on the business," said Paula Salastie, Teknos CEO and owner of Teknos Group.
Teknos has been present in Russia since 2005, with offices in Moscow and a new, fit-for-purpose production plant in St. Petersburg. Teknos’ St. Petersburg modern production plant was opened in June 2015. It has the capability to produce waterborne and solvent-based coatings for the metal and woodworking industries, architectural coatings, and powder coatings. The company offers products under local brands, including: Ohtek (powder coatings), Komandor (architectural paints and coatings) and Massco (general industrial coatings). In addition, Teknos OOO had been — prior to the suspension — selling the full range of Teknos branded products.
Learn more about Teknos at www.teknos.com.
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