The German company Knauf - the largest producer of building materials in the world, transfers its Russian business to local management. “In light of current events, Knauf Group has decided to abandon its business in Russia after more than 30 years of operation,”, it said. The company intends to “transfer the entire business in Russia under local management to preserve the jobs of more than 4,000 employees in the future,” the company said in a press release.
The transaction still needs to be approved by the Russian authorities, the material says.
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