News

A group of private investors may buy out Denmark's Rockwool plants in Russia, Timur Amirov, CEO of Razvitie Stroitelnykh Aktivov (RSA, the temporary asset manager of Rockwool), told RBC. He said an offer had already been sent to the Danish thermal insulation manufacturer's shareholders. "I would like to say straight out that the buyers will be disclosed if and when the deal goes through," Amirov said.

The Ministry of Industry and Trade told RBC it was aware that RSA had sent Rockwool notifications concerning "possible options for changing the structure of asset ownership" in Russia. The ministry "has an interest in the sustainable operation and further development of the business and the retention of its production capacities, unique technological competencies and jobs," it said.

The business valuation for the potential transaction is being done by an appraiser who was previously part of the "big four" auditing and consulting companies, the RSA CEO said. It will be ready in about a month. RSA CEO said the entire sale procedure is fully government regulated, with a sale price that is 60% discounted from the assessed market value and a 35% payment to the federal treasury.

It is planned to complete the deal "as soon as possible," Amirov added. Meanwhile, he said the possibility of the Danish side getting its assets back was unlikely. If the Danes refuse to sell, "the situation will probably depend primarily on the government," and nationalisation cannot be ruled out, he said.

Russian President Vladimir Putin signed a decree in late 2025 placing Rockwool's Russian assets under temporary management. The company's four plants were signed over to Razvitie Stroitelnykh Aktivov JSC, whose owners are undisclosed.

Following this decision, Rockwool stated that since the military operation in Ukraine began in 2022, it had kept its Russian production facilities "in passive ownership" without support from its Danish headquarters. Since that time, 400 million Danish kroner ($64 million at the current exchange rate) had been withdrawn from Rockwool's Russian business, the Danish company said. "Rockwool is considering its next steps. . . and will take all necessary legal action to prevent the unlawful seizure," Rockwool said in a press release.

"We are aware of rumours that Russia's decision to place Rockwool's Russian operations under temporary administration was prompted by the company's donations to the Ukraine reconstruction fund," said Rockwool CEO Jes Munk Hansen.