Teknos Group announced it plans to exit from the Russian market because of the war in Ukraine.

In March, Teknos announced suspension of its operations in Russia; on April 12, it began scaling down business operations.

“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,” said Paula Salastie, Teknos CEO and owner of Teknos Group. “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.”

Teknos has been present in Russia since 2005 with offices in Moscow and a new production plant in St. Petersburg. Teknos’ St. Petersburg 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.