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Rockwool insulation manufacturer plans to allocate up to DKK200 mln to participate in restoration of Ukraine

KYIV. May 6 (Interfax-Ukraine) – The Danish manufacturer of insulation materials Rockwool plans to allocate DKK100-200 million (EUR13-26 million) to participate in the restoration of Ukraine.

"In continuation of the board of directors’ announcement at the company’s annual general meeting on April 6, 2022 that Rockwool will actively contribute to the reconstruction of Ukraine, the board has decided to call for an extraordinary general meeting to be held in August to seek shareholder approval for a proposal to utilize between DKK100-200 million prior to the 2023 annual general meeting to support this goal," the company said on the GlobeNewswire portal.

"It has been important for the board to follow up on our commitment at the AGM to take concrete actions to actively support the reconstruction of Ukraine. For us, this is not just about sending a cheque but rather to create an organizational infrastructure to develop and execute on-the-ground support projects," Rockwool Board Chairman Thomas Kähler said.

"We will engage in relevant projects and contribute with construction materials, know-how, and financial resources to support reconstruction efforts, subject to circumstances in the country allowing for it," the company said.

"As communicated at the recent AGM, if we were to cease operations in Russia, we are convinced that our business, technology, and other assets would be nationalized and that this would not contribute to ending the war more quickly, but would instead transfer substantial value to Russia. It remains our view that by retaining control of our business, we are doing what is least good for the Russian regime," the report reads.

Rockwool is a manufacturer of non-combustible rock wool insulation. The products are used for all types of construction structures of buildings and structures, as well as for shipbuilding, industrial equipment, pipelines and air ducts.

The company was founded in 1909 and is headquartered in Denmark. Rockwool currently owns 45 factories in Europe, North America and Asia.