Nor-Maali Group Oy has completed its exit from Russia
Nor-Maali Group Oy has completed the withdrawal of its businesses in Russia by selling its minority share (49%) in Nor-Maali OOO. Nor-Maali Group Oy’s controlled exit from the market, which began in 2022, has consequently been completed with this divestment.
Nor-Maali Group Oy has made a write-off of EUR 3.0 million related to its ownership in Nor-Maali OOO. Nor-Maali Group Oy does not continue its operations in Russia after the sale of this minority ownership. However, based on ongoing long-term agreements between Nor-Maali Group Oy and the majority owner of Nor-Maali OOO, Nor-Maali OOO has the right to manufacture and sell products under the Nor-Maali brand in Russia until 2028.
Lahti 28.11.2024
For further information:
Patrik Kvikant
Chairman
patrik.kvikant@nor-maali.fi