AkzoNobel makes new statement on Russian business

AkzoNobel makes new statement on Russian business

THE WHAT? AkzoNobel has made a further statement regarding its continued presence in Russia. The specialty chemicals manufacturer said that it expects its operations to further slow down and most of its business to come to a halt in the next few months and that it will not carry out any new investments or marketing activities in Russia.

THE DETAILS AkzoNobel announced the launch of a company-wide donations-matching campaign to help provide humanitarian aid for Ukraine.

THE WHY? With even Shell bowing to pressure as Western firms are strongly encouraged to quit the country, AkzoNobel is presumably feeling the heat. The specialty chemicals firm said that its business in Ukraine and Russia is limited, representing about 2 percent of revenue, but justified its continued presence via its responsibility for its colleagues in both countries.

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