Hempel completes the sale of its Russian assets
Hempel has completed the sale of its Russian subsidiary after obtaining necessary approvals from relevant authorities.
Key messages
- Hempel has completed the sale of its wholly owned subsidiary in Russia, selling to Russian industrial company, Atomstroykomplex.
- Necessary approvals from the relevant Danish and Russian authorities have been obtained.
- Hempel closed its operations on 1 March 2022 and announced its intentions to exit Russia on 6 April 2022.
- The new owner has taken over the assets and employees with immediate effect. No active business is included in the sale.
“Since announcing our intentions to exit Russia in April 2022, we have worked to find a suitable buyer for our Russian assets,” says Michael Hansen, Group President and CEO of Hempel. “I want to extend my thanks to the dedicated team of Hempel colleagues that has worked diligently to reach this milestone. We are satisfied that the sale is now completed, with relevant approvals from the Danish and Russian authorities."
The terms of the transaction will not be disclosed.
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Joanna Ashmead, Head of Media Relations
Tel: +45 30 77 28 16
Email: communications@hempel.com
About Hempel
As a world-leading supplier of trusted coating solutions, Hempel is a global company with strong values, working with customers in the decorative, marine, infrastructure and energy industries. Hempel factories, R&D centres and stock points are established in every region.
Across the globe, Hempel’s paints and coatings protect and beautify buildings, infrastructure and other assets, and play an essential role in our customers’ businesses. They help minimise maintenance costs, improve aesthetics and increase energy efficiency.
We are guided by our purpose - Make our world last longer, beautifully - which is our shared call to action: to protect what matters, enhanced by colour and craftsmanship.
Hempel was founded in Copenhagen, Denmark in 1915. It is majority owned by the Hempel Foundation, which ensures a solid economic base for the Hempel Group and supports cultural, social, humanitarian and scientific purposes around the world.
About Atomstroykomplex
The core operations include construction of industrial, commercial, housing and socially significant facilities, performance of general civil construction, specialty contractor works and road works. The company provides general contracting and engineering services for the construction industry in Yekaterinburg and Sverdlovsk region.
