AMSTERDAM — Coatings manufacturer AkzoNobel has posted a statement on its website regarding the company’s business in Russia. The company stated that its business in Russia represents about 2% of its revenue prior to the beginning of the conflict in Ukraine, and that it has 640 colleagues in Russia. It went on to state that activity with the company’s aerospace coatings division, as well as new investments and marketing activities, has already been suspended. 

The company went on to outline additional impacts to its business in Russia: “As a result of the latest EU sanctions, the majority of our Coatings business in Russia is being suspended and the residual Russian business will be locally operated. We’re evaluating the situation daily and it might be that more of the remaining business in Russia could come to a halt in the next months especially due to the practical difficulties around the supply of raw materials in Russia.” 

In March, the company released a statement expressing its concern for the conflict in Ukraine and offering support for the safety of people impacted by the conflict. It also announced the launch of a company-match donation campaign. “We’ve also launched a company-wide donation-matching campaign to help provide humanitarian aid for Ukraine, with €250,000 having been raised in the first month. The money has been handed over to our partner, the Disaster Emergency Committee. The initiative will carry on throughout April, when the company will continue to add three times the amount donated by employees. This comes on top of the €140,000 donated by our European Decorative Paints organization. In addition, our colleagues have launched various local initiatives, which have resulted in funds being donated to our partner, SOS Children’s Villages, and accommodation being provided for refugees. The company is also supporting volunteer efforts from employees, which range from sorting out paperwork and helping refugees find shelter, to donating paint for renovating temporary shelters.”

Learn more at www.akzonobel.com.