Project forwarder deugro has sold its Russian business following the outbreak of war in Ukraine.
The company said that the deal was completed on September 5 and the sale was a buyout by former local management.
“This concludes deugro’s intent of divesting its interests in Russia since the advent of the war and subsequently winding down its activities,” the company said.
“The final closing is performed, and the official registration of the transaction took place.”
The Frankfurt-headquartered company is not the only firm to have sold its Russian business following the outbreak of war.
Earlier this year, Kuehne+Nagel announced it would also sell its Russian business.
The company will be run under the name Noytech Supply Chain Solutions after being acquired as part of a management buyout.
Air Cargo News sister title DVZ reported that former K+N employee Perry Neumann has purchased the business, which has 24 branches in Russia, Belarus, Azerbaijan and Kazakhstan.
Many other forwarding companies have halted operations in the country.
K+N’s former Russian business to be renamed Noytech Supply Chain Solutions
