American holding PPG Industries, Inc. which includes Finnish paint and varnish producer Tikkurila, is leaving their Russia due to the situation in Ukraine, Tikkurila’s press service reports.

“Currently, we continue to sell only the minimum volume in Russia, sufficient to obtain the necessary amount of local currency to pay our employees. Previously, we stopped all sales to the Russian oil and gas industry, government agencies, and parties that are subject to the latest regulations. Because of our inability to sustainably operate at even this minimal level, PPG has decided to activate options for exiting Russia, including a possible sale or controlled exit from the Russian market,” the statement said.

It is specified that the company also plans to donate the net profit received in 2022, if any, to non-profit organizations.

Holding PPG Industries, Inc. was founded in 1883 as Pittsburgh Plate Glass in Pittsburgh, Pennsylvania (USA). According to the company’s website, PPG Holding is a major supplier of paints, coatings, optics and specialty materials. PPG shares are traded on the New York Stock Exchange.

Tikkurila is a major paint manufacturer in Northern and Eastern Europe. Since June 2021, the company has been part of the U.S. holding company PPG Industries Inc (NYSE:PPG). The company’s facilities are located in 11 countries around the world. In Russia, it operates three production sites, as well as three training centers and 10 warehouses. In Russia, the company’s share in the decorative paints segment amounted to 18.5% in 2021. As of the end of 2021, the company had about 1,000 employees in Russia.