BERLIN, April 22. /TASS/. The German company Knauf, the world's largest manufacturer of construction materials, is going to transfer its Russian business to local management, the company said in a press release.
"In light of current events, the Knauf Group has decided to abandon its business in Russia after more than 30 years of operation," the company states.
The company intends to "transfer its entire business in Russia to local management in order to preserve jobs for more than 4,000 employees in the future," the press release says.
To complete the transaction, the German company is yet to receive the approval from Russian authorities. No other details are provided in the statement.