Following Russia's invasion of Ukraine, the packaging maker suspended production at three of its Russian manufacturing sites in March and started exploring selling its Russian businesses to a new investor
Aluminium packaging supplier Ball has wrapped up the sale of its beverage packaging business in Russia to Arnest Group for $530m.
Following Russia’s invasion of Ukraine, the packaging maker suspended production at three of its Russian manufacturing sites in March and started exploring selling its Russian businesses to a new investor.
Ball president and CEO Dan Fisher said: “This decision is the result of many months of consideration, delivering a solution that best secures the future of Ball’s colleagues and assets in Russia.
“We believe this is a sound outcome for Ball in these geo-political circumstances.”
Arnest is a producer of home, personal care, and fragrance goods in aerosol packaging in Russia, and Ball’s Aluminum Aerosol business has previously collaborated with Arnest’s team.
According to Ball, there are no conditions attached to the transaction’s conclusion, and all necessary approvals have been secured.
The firm said that the transaction is not expected to have an effect on Ball’s operations outside of Russia.
Ball is engaged in the supply of sustainable aluminium packaging solutions for beverage, personal care and household products for clients, as well as aerospace and other technologies and services mainly for the US government.
The company and its subsidiaries have 24,300 staff around the world and reported net sales of $13.8bn in 2021.