As a consequence of war in Ukraine and evolution of the situation, Teknos Group has decided to plan a controlled exit from Russian market and is considering different scenarios.
On March 4, Teknos announced suspension of its operations in Russia and on April 12, business scaling down measures were implemented.
"We are sad to see the war in Ukraine continue to unfold. Due to evolution of the situation and circumstances, we do not see any possibility to conduct our business in this environment. Taking into consideration the worsening local business conditions, we have decided to start planning an exit from Russian market. I want to thank our employees for their commitment and all business partners for cooperation and trust. Our aim is to find an entity that may carry on the business," Paula Salastie, Teknos CEO and owner of Teknos Group says.
Teknos has been present in Russia since 2005 with offices in Moscow and a new, fit for purpose production plant in St. Petersburg. Teknos’ St. Petersburg modern production plant was opened in June 2015. It has capability to produce waterborne and solvent-based coatings and paints for the metal and woodworking industries, architectural coatings as well as powder coatings. The company has offered products under local, recognised brands; Ohtek – powder coatings, Komandor – architectural paints and coatings and Massco – general industrial coatings. In addition, Teknos OOO has been – prior to the suspension – selling the full range of Teknos branded products.