The Russian operations of Nor-Maali Russia, a company founded in 2017 and in which we have a minority holding, will continue as they are now for the moment, although at a lower volume than before. The sanctions imposed on Russia by the EU do not apply to the operations of Nor-Maali Russia, namely the local production and sales of coatings under a license in Russia. However, the sanctions have an impact on the materials chains and therefore, on the availability of raw materials.
Nor-Maali Russia produces industrial coatings for the Russian steel and construction industries. The company has not produced coatings for or sold them to marine, aviation and defense technology companies that are on the sanctions list, nor does it currently produce coatings for or sell them to such companies. Nor-Maali Russia does not have export operations.
Nor-Maali Oy strongly condemns Russia’s military activities on Ukraine’s territory. As responsible operators, our owners have considered various options and concluded that there are weighty reasons to continue the operations of the affiliated company in Russia. However, Nor-Maali Oy will not make further investments in the company in question. By continuing the operations of Nor-Maali Russia, we, for one, want to ensure that the company’s production technology cannot be altered to be used for unwanted purposes. Naturally, we also want to ensure the well-being and living of our Russian employees.
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