The article discusses the economic aspects of the KNAUF group of companies’ activities in Russia in the context of economic modernization processes. Based on theoretical approaches to the analysis of the multinational manufacturing companies’ influence on national economic processes, the contribution of the group to the modernization processes in Russia is investigated. The correlation of the strategy and organization of the KNAUF group economy in Russia (organization of production, interaction with suppliers and consumers, investment and innovation policy, environmental and social aspects) with the key vectors of economic modernization, the risks are formulated for a positive projection of the company’s activities on the modernization processes.