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Hempel Completes the Sale of Its Russian Assets
WPCIA Washington July 28, 2023
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.
Hempel has completed a divestment of its assets in Russia, after having obtained the relevant approvals from the Danish and Russian authorities. Atomstroykomplex has acquired Hempel’s legal entity in Russia, including its assets and employees. 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.
KEYWORDS: divestituredivestmentsmergers and acquisitions
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