By Pierre Bertrand

Henkel AG on Monday said it has spun off its Russia business and that starting from Jan. 1, it will operate independently under the name of Lab Industries.

The move comes as the German consumer-goods company prepares its exit from Russia, which it announced back in April.

"A transfer of ownership is only possible if the local business can operate independently of Henkel's global business processes and systems," a Henkel spokesman said when asked by Dow Jones Newswires.

The spokesman said Henkel was working to complete the process as soon as possible.

Write to Pierre Bertrand at pierre.bertrand@wsj.com

(END) Dow Jones Newswires

December 19, 2022 08:11 ET (13:11 GMT)

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