THE WHAT? Henkel has agreed to sell its business activities in Russia to a consortium of local financial investors for approximately €600 million. The German manufacturer of Schwarzkopf announced its plan to exit the Russian market in April 2022.
THE DETAILS The relevant Russian regulatory bodies have approved the transaction, which is pending final closing. The consortium that acquires the Henkel business activities in Russia includes Augment Investments, Kismet Capital Group and Elbrus Services. All acquirers have established and long-standing business relationships in Western countries and are not subject to EU or US sanctions.
THE WHY? Like many western firms, Henkel decided to exit the Russian market following the country’s invasion of Ukraine.
The post Henkel agrees sale of Russian unit appeared first on Global Cosmetics News.