Henkel to Maintain Russian Business But Adapt to Developments
04 April 2022 - 3:13PM
Dow Jones News
By Ulrike Dauer and Ed Frankl
Henkel will continue its business in Russia for now, but will
monitor developments closely, Chairwoman Simone Bagel-Trah said at
the company's annual general meeting on Monday.
The German consumer-goods and chemical company will continue to
adapt its decisions in the country accordingly, and takes criticism
and questions associated with its position seriously, Ms.
Bagel-Trah added.
Chief Financial Officer Marco Swoboda also said that Henkel
doesn't see the need for unscheduled write-downs on its assets in
Russia and Ukraine.
Although Henkel, which makes Persil, Schwarzkopf and Dial, has
stopped investments, advertising and sponsorship in Russia,
production is continuing at its 11 plants in the country in
compliance with international sanctions.
"These are mainly products for everyday use, for example
cleaning and hygiene products," Chief Executive Carsten Knobel said
in a speech to the AGM.
Mr. Knobel added that Henkel bears responsibility for its 2,500
employees in Russia.
"A complete withdrawal from Russian business can have
far-reaching consequences, also for our local employees," he said,
including expropriations and that local managers may be held liable
if the company stops doing business.
In Ukraine, where Henkel employs 600 people, the company's four
production sites have been closed since the invasion.
The Dusseldorf-based company retained its full-year targets,
which Mr. Swoboda called ambitious, as the effects of the war in
Ukraine on the global economy couldn't yet be estimated.
Write to Ulrike Dauer at ulrike.dauer@wsj.com
(END) Dow Jones Newswires
April 04, 2022 08:58 ET (12:58 GMT)
Copyright (c) 2022 Dow Jones & Company, Inc.
Henkel AG and Company KGAA (PK) (USOTC:HENKY)
Historical Stock Chart
Von Aug 2024 bis Sep 2024
Henkel AG and Company KGAA (PK) (USOTC:HENKY)
Historical Stock Chart
Von Sep 2023 bis Sep 2024