Henkel has announced that it has completed the sale of its assets to a consortium of local investors

German consumer goods giant Henkel AG has finalized the sale of its business in Russia to a consortium of local financial investors for 54 billion rubles ($690 million), the group announced on Thursday.

The new owners include Augment Investments, Kismet Capital Group, and Elbrus Services.

Henkel earlier said that the buyers are not subject to EU or US sanctions, adding that they have “longstanding business relationships in Western countries.”

Like many global companies, Henkel suspended operations in Russia last year following the launch of Moscow’s military operation in Ukraine. In April, the German maker of Schwarzkopf, Dial, and Diadermine products announced that it had signed an agreement to sell its business interests in Russia to a group of local investors.

The company also revealed last month that it expects a net loss after leaving Russia, without disclosing the scale of the damage. Henkel said the amount depends on the exchange rate during the transaction, adding that it will provide further details in its first-half earnings release in August.

READ MORE: Adidas mulls selling Russian business – Kommersant 

A former Henkel plant in Leningrad Region will maintain production and jobs after the departure of the consumer goods giant, the deputy head of the region, Dmitry Yalov, announced in April.

Henkel, which is a major producer of cleaning products, detergents, and glue, had operated in Russia for more than 30 years, with 11 production sites in the country.

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