US EditionRussia Siezes Rockwool and CanPack Assets, Transfers Control to Kremlin-Linked Firms
Russian presidential decrees transferred 100% of Rockwool’s and 68% of Rockwool-Volga’s shares to Moscow-registered firm and CanPack’s Russian operations to StalElement.
25 Articles
25 Articles
Rockwool CEO is angry after Vladimir Putin yesterday stripped them of control of its Russian factories.
Polish-American aluminum packaging manufacturer Canpack and Danish insulation giant Rockwool. Both Western companies had divisions in Russia. Russian President Vladimir Putin has now seized their assets by issuing decrees imposing temporary administration on them.
Danish building materials company Rockwool announced that Russia has seized control of four of its companies in Russia. Rockwool now has no control over its assets in the country, RBC-Ukraine reported, citing Reuters. The company's statement stated that the plants will be excluded from its consolidated financial statements, and the net value of their businesses will be written off. It also noted that their combined value as of December 31 was $4…
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The Danish rock wool insulation giant, who claims that he no longer has the "control of his assets in the country", says he is not "optimistic" about the possibility of overturning this decision.
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