The number of domestic companies still doing business in Russia is decreasing again. As it became known on Wednesday, the building materials manufacturer Wienerberger is also withdrawing from the Russian market. This is justified with the ongoing war against Ukraine.
With the help of a management buyout, the company will be taken over by local management, the company announced on Wednesday. It was agreed not to disclose the purchase price.
Wienerberger boss: “Optimal solution”
In recent weeks, work has been done on a solution to keep the jobs. With the management buy-out, “an optimal solution has been found that guarantees continuity for everyone”, according to Wienerberger CEO Heimo Scheuch, according to the broadcast.
Wienerberger has been active in the Russian market since 2005. At around 40 million euros, the hollow brick activity contributed less than one percent to group turnover.
Source: Krone
I’m Wayne Wickman, a professional journalist and author for Today Times Live. My specialty is covering global news and current events, offering readers a unique perspective on the world’s most pressing issues. I’m passionate about storytelling and helping people stay informed on the goings-on of our planet.
