Swedish flooring manufacturer Kährs Group announced today the successful completion of its exit from the Russian market, following through on its commitment to withdraw from the country in response to Russia's invasion of Ukraine.

The divestment, which required approvals from both Russian authorities and Sweden's National Board of Trade, marks the end of a lengthy regulatory process that began with the company's initial freeze of financial flows and isolation of its Russian operations.

"Since Russia's attack on Ukraine, we have been seeking to leave the country in a way responsible towards our company during challenging market conditions and towards our local employees in Russia," said Johan Magnusson, CEO of Kährs Group. The company emphasized that following this divestment, it maintains no further ties or connections to Russia, either directly or indirectly.

This move aligns with the broader trend of Western companies withdrawing from Russia following its invasion of Ukraine. The exit process involved careful consideration of both corporate responsibilities and employee welfare during particularly challenging market conditions.

The terms of the divestment and the buyer's identity were not disclosed in the announcement. Kährs Group, known globally for its high-quality flooring solutions, continues to operate its core business across other international markets.