The Knauf group of companies has made a significant decision to wind down its operations in Russia, marking the end of its presence in the country after more than three decades. The announcement was made via a corporate press release.
"In light of current events, the Knauf Group has decided to abandon its business in Russia after more than 30 years of operation," the release stated.
The German manufacturer of building materials has opted to transfer its Russian enterprises to local management as part of this strategic shift. Knauf emphasized that this decision is aimed at preserving jobs for over 4,000 employees associated with its operations in Russia.
Knauf's foray into the Russian market began in 1993 with the acquisition of shares in a thermal insulation and gypsum products plant located in Krasnogorsk. Over the years, the company expanded its presence significantly, with ownership of 20 enterprises across the Russian Federation engaged in the production of construction mixtures, metal profiles, insulation materials, and more.
Knauf is not the only German player in the building materials sector to announce changes in its regional operations. Previously, Henkel, another major German company, relocated its office for the countries of Central Asia and the South Caucasus from Russia to Kazakhstan. Henkel also expressed its intention to enhance product localization efforts for countries within the region, reflecting a broader trend of companies reevaluating their regional strategies in response to evolving geopolitical dynamics.
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