Kronospan exits Belarusian market - report

MINSK. Feb 7 (Interfax) - Kronospan, an Austrian wood-based panel manufacturer, has divested its business in Belarus, Belarusian news website officelife.media reported.

Kronospan's factories and distribution centers in Belarus are now owned by Emirati fund Causa Foundation and management of the business has been handed over to Russian executives, the report said.

Kronospan entered the Belarusian market in the late 2000s and became the largest investor in the country's wood processing sector. The company's former factories in Belarus produce wood-based panels, flooring, resins, varnishes, specialized paper, steelwork and other products, most of which for export.

Kronospan invested an estimated 1 billion euros in Belarus, the site said.

Kronospan's enterprises in Belarus were included in the list of assets owned by investors from "unfriendly countries" that could not be sold without the approval of the Belarusian government, the report said.