Danish building materials company Rockwool (ROCKb.CO) announced on Tuesday that Russia has taken control of four of the company's factories on its territory, and Rockwool no longer controls its assets in that country. Reuters reports this, writes UNN.
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Rockwool's statement notes that the factories will be deconsolidated, and the net value of the company's business in Russia will be written off. It is also reported that as of December 31, the total equity of these assets amounted to 469 million euros ($546 million).
The company added that it would defend its legal rights in accordance with the bilateral investment protection treaty between the countries, but noted: "We are not optimistic about the possibility of reversing the decision to transfer our Russian subsidiaries to forced external management."