Earlier announced on 14 April 2022, the deal includes four manufacturing units in Russia, employing 724 people
Finnish consumer packaging company Huhtamaki has divested its entire Russian operations to Espetina for €151m.
Earlier announced on 14 April 2022, the deal includes four manufacturing units in Russia, employing 724 people.
The move follows the firm’s earlier decision to stop all investments in Russia at the outbreak of the invasion of Ukraine.
Huhtamaki president and CEO Charles Héaulmé said: “We consider that the current evolution of the situation and the long-term outlook in Russia will prevent the realization of our growth strategy and long-term ambitions in the country.
“We are pleased to bring to a close the subsequent review of our strategic options in Russia. As part of the process, we conducted extensive due diligence to find the best possible buyer and future partner for our local employees – the safety and wellbeing of whom remain important to us.”
Héaulmé added: “We feel that Espetina will be a good and committed owner for the business and the future of our employees.”
Huhtamaki anticipates recording a gain of about €15m as a result of the transaction in the third quarter.
The company said that the sale is not expected to have a significant financial impact on the company this year.
In June this year, the company announced a new $100m project to expand its moulded fibre product manufacturing capacity in Hammond, Indiana.