Friday, 22 September 2023 12:28 GMT

UK paper, packaging giant to sell last plant in Russia

(MENAFN) UK paper and packaging giant Mondi has declared an agreement to sell its last left factory in Russia, completing the firm’s departure from the nation.

As stated in a report on Sunday, Mondi has signed a contract for the sale of its Syktyvkar pulp and paper mill to a division of Moscow-based real estate developer Sezar Group for 80 billion rubles (USD825.7 million). The Syktyvkar plant creates uncoated fine paper as well as containerboard for the national Russian market and it hires around 4,500 people. It declared profit of approximately USD1.16 billion at the end of the last year.

“Mondi today announces that it has entered into an agreement to sell its last remaining facility in Russia, Joint Stock Company Mondi Syktyvkar, together with two affiliated entities, to Sezar Invest LLC for a total cash consideration of RUB 80 billion to be paid in a series of instalments,” the report declared.

The firms have by now obtained authorization from Russia’s anti-monopoly agency as well as the administration commission accountable for foreign investments, Mondi declared. The sale is estimated to be finished by December 2023.


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