VELUX Group permanently closes its operations in Russia and Belarus
VELUX Group has decided to permanently close its operations in Russia and Belarus. This decision follows VELUX Group’s suspension last month of all activities in Russia and Belarus in connection with the invasion of Ukraine.
VELUX Group will exit these two markets as soon as possible. During the coming month, all obligations to creditors and customers will be settled and employees will be dismissed. The Group will thereafter file for voluntary liquidation in Russia and Belarus so that its operations there can legally be de-listed. VELUX Group employs 72 people combined in sales offices in Russia and Belarus, but has neither production facilities nor properties in these countries.
For some time, we have been considering our position in Russia and Belarus. With the invasion of Ukraine, we suspended all our activities in Russia and Belarus, as we neither could nor would continue our activities in these two countries, given the seriousness of the situation. We have now made a decision to quickly and legally close our activities permanently. Our current status with ‘suspended activities’ does not afford any legal protection and can potentially place our employees at risk. Since we suspended our operations, the situation has substantially deteriorated. In conjunction with heightened counter-sanctions and a changing legal landscape in Russia, it is becoming increasingly difficult to keep our operations idle while waiting for clarity. We deeply regret the consequences this decision will have on our skilled employees and will ensure that they all receive fair severance as thanks for their dedicated efforts during many years,
All Ukrainian activities remain on hold
VELUX Group’s position in Ukraine remains for the most part unchanged. VELUX Group’s operations continue to be on hold and we continue to pay salaries to our employees, who have all been sent home. However, in support of our employees and based on the Ukrainian government’s request, we have allowed limited deliveries of our products in safe areas of the country and will continue to pay our taxes and salaries until further notice.
Read more about the VELUX Group’s suspension of activities in Ukraine, Russia and Belarus last month.
About the VELUX Group
For more than 80 years, the VELUX Group has created better living environments for people around the world; making the most of daylight and fresh air through the roof. Our product programme includes roof windows and modular skylights, decorative blinds, sun screening products and roller shutters, as well as installation and smart home solutions. These products help to ensure a healthy and sustainable indoor climate, for work and learning, for play and pleasure. We work globally – with sales and manufacturing operations in more than 36 countries and around 11,000 employees worldwide. The VELUX Group is owned by VKR Holding A/S, a limited company wholly owned by non-profit, charitable foundations (THE VELUX FOUNDATIONS) and family. In 2022, the VELUX Group had total revenue of EUR 2.99 billion, VKR Holding had total revenue of EUR 4.29 billion, and THE VELUX FOUNDATIONS donated EUR 181 million in charitable grants.
For more information about VELUX Group, visit velux.com.