German company Henkel reaches agreement to exit Russia for 54 billion rubles

The German company Henkel reached an agreement about the sale of its Russian business to a consortium of investors for 54 billion rubles (around $662 million). Russian regulators have approved the deal.

Henkel operates 11 factories in Russia, which produce glue, cleaning products, and detergents under a variety of brand names.

In late March, Vedomosti reported that Henkel was in the final stages of selling its Russian assets. It was reported at that point that, with the agreement of the consortium of investors, the factories would continue to produce products under Henkel brands.

Henkel, like many other companies, announced its intention to leave Russia in April 2022, shortly after the start of Russia’s full-scale invasion of Ukraine. Foreign companies leaving Russia must obtain permission from the Ministry of Finance.