The sale, announced in December last year, included a corrugated solutions plant and two consumer flexible plants which were manufacturing a range of packaging solutions for the local Russian market
Mondi completes sale of three Russian packaging operations to Gotek. (Credit: Mondi)
UK-based paper and packaging firm Mondi has concluded the sale of its three Russian packaging converting operations to Moscow, Russia-based Gotek Group for RUB1.6bn ($17.85m).
Mondi has confirmed that Gotek Group has received all requisite approvals and the deal is now officially complete.
The packaging firm has also received net proceeds of €30.4m ($33.1m) from this disposal into its Austrian bank account.
According to Mondi, the net proceeds from the sale of all its Russian assets will be delivered to shareholders as soon as is practically possible following receipt, once its exit from Russia is concluded.
The sale, announced in December last year, included a corrugated solutions plant and two consumer flexible plants. These plants were manufacturing a range of packaging solutions for the local Russian market.
The divestment of the three packaging converting operations is not connected with the proposed disposal of Mondi Syktyvkar, the company’s facility in Russia.
The packaging firm’s board is still committed to selling Syktyvkar and is still considering all other disposal options.
The announcement comes nearly a month after Mondi cancelled a $1.17bn deal to sell JSC Mondi Syktyvkar to an investment company headed by Russian billionaire Viktor Kharitonin due to a lack of progress in securing clearances from Russian regulatory bodies.
JSC Mondi Syktyvkar is a pulp, packaging paper, and uncoated fine paper mill situated in the capital of the Komi Republic in Russia.
Recently, the firm partnered with building materials supplier Baumit to launch water-soluble SolmixBag for the construction industry.
SolmixBag is said to be a paper packaging solution created to store and transport dry construction materials like cement and dry mix mortar products.