HEN3 Henkel AG & Co KGAA

   By Ed Frankl 
 

German consumer-goods company Henkel AG said Tuesday that it plans to exit its business in Russia amid the country's continuing invasion of Ukraine.

The maker of Persil, Schwarzkopf and Dial soap said it will work closely with its teams in Russia on the details to ensure an orderly process and that its 2,500 employees there will continue to be employed and paid.

Henkel added that it couldn't yet quantify the expected financial impact from the planned exit.

The company had previously said it would freeze investments, advertising and sponsorship in Russia, but continue production at its 11 plants there in compliance with international sanctions.

At its annual general meeting earlier in April, Henkel Chairwoman Simone Bagel-Trah said it would monitor developments of the war and associated sanctions closely and would adapt its business decisions accordingly.

At the time, Chief Financial Officer Marco Swoboda also said Henkel didn't see the need for unscheduled write-downs on its assets in Russia and Ukraine.

Write to Ed Frankl at edward.frankl@dowjones.com

(END) Dow Jones Newswires

April 19, 2022 06:50 ET (10:50 GMT)

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