Following the announcement on 15 December 2022 of the agreement to sell its three Russian packaging converting operations to the Gotek Group for a total consideration of RUB 1.6bn, Mondi plc (“Mondi”) confirms that Gotek Group received all requisite approvals and the sale has now completed. Mondi has received net proceeds of €30.4m from this […]
Tag Archives: Russian business paper
08
Oct
Oct
Sylvamo announced it reached an agreement and completed the sale of its Russian operations to Pulp Invest Limited Liability Company for $420 million. After foreign currency exchange rates and transaction fees, Sylvamo received approximately $390 million in cash proceeds. “We made a principle-based decision to exit Russia and believe Pulp Invest is the best option […]
06
Sep
Sep
Huhtamaki has sold its operations in Russia to Espetina Ltd. Espetina is a holding company owned by Alexander Govor and Iury Kushnerov. The transaction includes four manufacturing units in Russia, employing 724 people. On April 14, 2022, Huhtamaki announced its intention to divest its operations in Russia. This followed an earlier decision to stop all […]
05
Sep
Sep
The Russian billionaire Alexander Govor has made a bid for Finnish packaging giant Huhtamäki’s Russian operations amounting to 151 million euro, Reuters reports. Alexander Govor has previously taken over McDonald’s former restaurants in Russia. After the invasion of Ukraine, Huhtamäki retreated from Russia. Govor is willing to pay up to 151 million euros for Huhtamäki’s […]
15
Aug
Aug
Starting from October 21, 2019 pulp production of Arkhangelsk PPM JSC has switched to the utilization of hydrogen peroxide as a bleaching agent, thus displacing sodium hypochlorite used before. This change in the bleaching technology will let APPM fully produce bleached kraft pulp under ECF technology (without using chlorine). The technology is a universally recognized […]
14
Aug
Aug
Mondi Group agreed to sell its Russian Syktyvkar plant to Augment Investments Limited owned by Russian billionaire Viktor Kharitonin for 95 billion rubles ($1.5 billion). The assets in Russia will be transferred to Augment as part of the proposed disposal excluding a cash balance. Mondi’s London-listed shares jumped 11% on the news, as the company said […]
11
Aug
Aug
Ilim Group is finalizing the construction of the largest kraftliner mill (KLB Mill) in Ust-Ilimsk, Russia. It is the first mill in the Russian pulp and paper industry to use a two-stage biological wastewater treatment system. The Ust-Ilimsk Mill will be the largest kraftliner production site in Russia with the output of 600 thousand tons of finished products […]
07
Aug
Aug
Ponsse changes performance guidance for 2022. The company’s euro-denominated operating result in 2022 is expected to be on a par with the comparable operating result of its continuing operations in 2021 (Euro 50 million, 8.2% of net sales). The company’s relative profitability is expected to decrease significantly, however, due to divesting its Russian business, difficulties in the availability […]
04
Aug
Aug
Industry proposal As Russia’s invasion of Ukraine continues to impact on the country’s economy, Russian food industry players have requested the country’s authorities to approve new standards for food packaging which would reduce the required sizes of labels, and increase the sizes of packaging for particular products. The proposed changes are designed to help food […]
08
May
May
Huhtamaki has decided to initiate the process to divest its operations in Russia. This follows an earlier decision to stop all investments in Russia at the outbreak of the invasion of Ukraine. Huhtamaki considers that the current evolution of the situation and the long-term outlook in Russia will prevent the realization of its growth strategy […]