PPG (owner of Tikkurila) announced its withdrawal from the Russian market, the company said in a statement on its website.
"Currently, we continue to make only a minimum amount of sales sufficient to generate enough local currency to pay these employees. We had previously ceased all sales to the Russian oil and gas industry, state-owned entities, parties that fall within the scope of recent regulations and the aerospace market. The company plans to donate net profits, if any, generated by our Russian operations for full calendar year 2022 to nonprofit organizations providing direct humanitarian support," the report said.
The company continued, "Due to our inability to sustainably operate even at this minimum level, PPG has taken the decision to activate options to exit Russia, including a possible sale or a controlled withdrawal from the Russia market".
Tikkurila is one of the leaders in the global paint and varnish industry, represented on the Russian market since 1995. The company started manufacturing paints in Russia in 2000. The company owns several plants in the country, including in St. Petersburg.
