Teknos planning a controlled exit from Russian market
As a consequence of war in Ukraine and evolution of the situation, Teknos Group has decided to plan a controlled exit from Russian market and is considering different scenarios.
On 4th March, Teknos announced suspension of its operations in Russia and on 12th April business scaling down measures were implemented.
“We are sad to see the war in Ukraine continue to unfold. Due to evolution of the situation and circumstances, we do not see any possibility to conduct our business in this environment. Taking into consideration the worsening local business conditions, we have decided to start planning an exit from Russian market. I want to thank our employees for their commitment and all business partners for cooperation and trust. Our aim is to find an entity that may carry on the business", Paula Salastie, Teknos CEO and owner of Teknos Group says.
Teknos has been present in Russia since 2005 with offices in Moscow and a new, fit for purpose production plant in St. Petersburg. Teknos’ St. Petersburg modern production plant was opened in June 2015. It has capability to produce waterborne and solvent based coatings and paints for the metal and woodworking industries, architectural coatings as well as powder coatings. The company has offered products under local, recognized brands; Ohtek - powder coatings, Komandor – architectural paints and coatings and Massco - general industrial coatings. In addition, Teknos OOO has been - prior to the suspension - selling the full range of Teknos branded products.
More information:
Maksymilian Pawlowski
Communications Manager
Tel.: +48 726 355 244
maksymilian.pawlowski@teknos.com
Teknos is a global coatings company with operations in more than 20 countries in Europe, Asia, and the USA. It employs approximately 1,800 people and the net sales for 2019 was EUR 398 million.
Teknos is one of the leading suppliers of industrial coatings with a strong position in retail and architectural coatings. Teknos wants to make the world last longer by providing smart, technically advanced paint and coating solutions to protect and prolong. Teknos always works in close cooperation with its customers. It was established in 1948, and is one of Finland’s largest family-owned businesses. For further information, visit www.teknos.com
