AkzoNobel Issues Statement Regarding Business in Russia
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.”