The world's largest chemical concern BASF is selling its Russian subsidiary BASF Vostok to the Russian manufacturer of paints and varnishes Lakra Sintez. The parties received permission to complete the agreement from dictator Vladimir Putin, Russian Interfax reports.
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The BASF Vostok company was founded in 1999, produces paints, varnishes and similar coating materials, printing inks and mastics.
In total, BASF had at least four more subsidiaries in Russia:
- BASF LLC (fertilizer trading), BASF Industrial Metals LLC ( trade in metals in primary forms), LLC BASF Yug (trade in seeds), LLC Hemetall (trade in industrial chemicals).
BASF Industrial Metals LLC was liquidated in September 2023, Hemetall LLC is in the liquidation stage.
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After the start of the full-scale Russian invasion of Ukraine, BASF announced its intention to curtail all activities in Russia and Belarus, except for the production of additives for the food industry.
At that time, BASF enterprises in these countries employed 684 employees. In 2021, the share of Russia and Belarus in the total sales of the BASF group was about 1%.