Ship paint group giant Hempel has completed the sale of its Russian subsidiary after obtaining necessary approvals from the relevant authorities.
After obtaining all the necessary approvals the marine coating group has completed the sale of its wholly owned subsidiary in Russia, selling to Russian industrial company, Atomstroykomplex.
Hempel closed its operations on 1 March 2022 and announced its intentions to exit Russia on 6 April 2022.
The coating group can now announce that the new owner has taken over the assets and its employees with immediate effect. No active business is included in the sale, as the company notes.
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 entity in Russia, including its assets and employees. No active business is included in the sale.
Michael Hansen, Group President and CEO of Hempel said “Since announcing our intentions to exit Russia in April 2022, we have worked to find a suitable buyer for our Russian assets.”
Michael Hansen added that “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.”
