German soap maker Henkel, known for brands such as Pritt and Persil, has the option to buy back its activities in Russia within the next ten years. The condition is that the circumstances in and the relationship with that country change “fundamentally”.
That said Henkel CEO Carsten Knobel in an interview with the Rheinische Post newspaper. A ceasefire or an end to the war with Ukraine is not enough, Knobel said.
The provision enabling the buyback is contained in an agreement signed in April. With that, Henkel’s business activities in Russia were sold to an association of local investors. That sale was worth about 600 million euros.
Knobel also indicates in the interview that completely ceasing activities in Russia was “not an option”. He says he acted “in the best interests of the company and shareholders”, including responsibility for Russian employees. In addition, according to Knobel, complete expropriation of the factories threatened if Henkel had closed them.
2023-06-04 07:25:21
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