While the company will operate independently under its new owners, Elopak will continue to refrain from conducting business in Russia
Elopak has announced its decision to divest its Russian business to local management. (Credit: Elopak)
Norwegian carton producer Elopak has announced its decision to divest its Russian business (JSC Elopak) to local management by selling 100% of its shares.
The local leadership group will now be in charge of the operational activities of the Russian company.
While the company will operate independently under its new owners, Elopak will continue to refrain from conducting business in Russia.
According to the firm, the move is the outcome of many months of deliberation, and it provides the best assurance for the future of Elopak’s Russian-speaking colleagues.
The sale is not expected to have an impact on Elopak’s operations outside of Russia, and Elopak does not anticipate any further significant financial gains or losses to be recorded in Q2-22 as a result of the completion of the deal.
The closing of the transaction is subject to the Governmental Commission on the Control over Foreign Investments in Russia.
The company will provide further information in due course.
The firm’s decision to terminate operations in Russia was announced in March this year.
Elopak is engaged in supplying carton packaging and filling equipment. The company’s Pure-Pak cartons are designed with the environment, safety and convenience front in mind.