The Austrian company Kronospan sold its business in Belarus to the Causa Foundation from the UAE. Management has been transferred to Russian managers. Legal entities have completed the rebranding of Kronospan factories. Kronospan left the Belarusian market at the beginning of last fall.
Kronospan entered the Belarusian market in the late 2000s and became the largest investor in wood processing. Its businesses produced wood products, flooring, resins and other products, primarily for export. Kronospan's investments in the Belarusian economy exceeded 1 billion euros.
Kronospan's move follows a trend of Western companies leaving the country, as was the case with the largest Danish pump manufacturer, as well as Match Group, which owns Tinder, which also plans to exit Belarus.
