The war in Ukraine continues to have effects in all sorts of sectors around the world. In an announcement on Friday, REHAU, one of the first fenestration systems companies to declare a cessation to work in Russia, has stated that it is to sell its business in Russia.
REHAU made the announcement via its website and social media channels. Here is the short statement published on their website:
The REHAU Group will sell its business in Russia to the local management and will withdraw completely from the country. A corresponding preliminary agreement has now been signed by both parties.
REHAU had already announced on March 4, 2022, to ramp down its business in Russia in a controlled manner. The development of the past weeks has made further decisions unavoidable.
The REHAU Group has been active in Russia for around 30 years and has served the market there primarily with polymer-based solutions for the window, construction and furniture sectors.
This was the statement made via their global Twitter account:
Against the background of the attack on Ukraine, we already announced on March 4, 2022 that we would suspend business in Russia. Since then, we have been in the process of ramping down our activities there in a controlled manner. (1/3) pic.twitter.com/F1dqNXHS82— REHAU Group (@REHAU_Group) May 20, 2022
REHAU were one of the first major systems companies to announce the cessation of business in Russia as a result of their invasion of Ukraine.
At the end of March, VEKA announced it had suspended operations in Russia due to the war. You can read that statement here: https://www.veka.com/news/veka-group-statement-on-the-situation-in-ukraine-and-russia.html
Few other systems companies with exposure in Russia have not made similar moves.
Currently, in Russia, there is legislation being passed through which will allow the state to take over the property and premises of privately-owned companies. For example, only recently a Russian businessman has taken over hundreds of Mcdonald’s locations after the company ended their business in the country. This may be a reason for others not being so quick to shutter their own operations, for fear of losing assets and property.
As the war sadly drags on, we’re going to continue to see all sorts of effects in all sorts of sectors around the world, including fenestration.
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