Major Danish peat producer exits Russia
Pindstrup Mosebrug is no longer active in Russia, as reported by Børsen from the company’s annual report. The company was unable to complete a sale, but reached an agreement relinquishing all management and economic rights to the Russian company. Pindstrup’s activities in Russia have been independently operated since fall 2022 without their involvement. The agreement, entered in February 2024, sets the foundation for handing over control of Russian companies to local management for at least three years with the possibility of extension. The Russian entities are recorded as discontinued operations in the 2022/2023 annual report. Pindstrup still aims to divest the Russian shares when possible. Other Danish companies, like Carlsberg, faced issues with assets in Russia–Carlsberg lost control of its shares to the Russian state. However, Grundfos successfully sold its Russian entity early in 2024 after over a year of negotiating and awaiting official approvals.