Danish building materials company Rockwool said on Tuesday that Russia has taken control of the company's four factories in Russia and the company is no longer in control of its assets in the country.
Rockwool's statement said the factories will be de-consolidated and the net value of its businesses there will be written down, adding that their total equity amounted to 469 million euros ($546 million) at December 31.
The company added that it will defend its legal rights under the bilateral investment treaty between the countries, but added: "We are not optimistic about reversing the decision to place our Russian subsidiaries under forced external administration."
Rockwool shares fell 8% earlier on Tuesday after the seizure of two subsidiaries was reported by Bloomberg.
