Amcor sells factories in Russia

Amcor (NYSE: AMCR; ASX: AMC) announced today it completed the sale of its three factories in Russia to HS Investments, a Russian-based investor, after receiving all necessary regulatory approvals and cash proceeds, including receipt of closing cash balances. The cash and debt free consideration value is €370 million.

This follows Amcor’s previously announced decision to pursue the orderly sale of its Russian business while continuing to support its people and customers as well as preserving value for shareholders.

The Russian business produces flexible and cartons packaging from one site in St. Petersburg and two sites in Novgorod and employs approximately 900 people. Amcor’s three sites in Russia generated approximately 2% of total Amcor sales in fiscal 2022.

Cash proceeds are expected to be used primarily for debt repayment and share repurchases. The transaction is not expected to have a material impact on the outlook for fiscal 2023.
https://www.amcor.com/media/news/amcor-sells-factories-in-russia

Related Posts

BillerudKorsnäs is the best in the industry in sustainability

In its latest ESG Risk Ratings, the sustainability analysis company Sustainalytics has ranked BillerudKorsnäs the most sustainable enterprise to invest in within the packaging sector. For the renowned Swedish company, this top ranking is proof positive that its unswerving focus on sustainability has paid off. The Dow Jones Sustainability Index already ranks BillerudKorsnäs the most sustainable packaging company in the world. In its annual assessment, the sustainability analysis company Sustainalytics rates BillerudKorsnäs as having low risk exposure combined with a strong approach to sustainability issues. In fact, BillerudKorsnäs was awarded an ESG Risk Rating score of 10.0, where low figures represent low risk, putting the company in first place among all the packaging companies analysed.

Sonoco Implementing Price Increase for Uncoated Recycled Paperboard

Sonoco announced it is implementing a $60 per ton price increase for all grades of uncoated recycled paperboard (URB) in the United States and Canada, effective with shipments beginning November 1, 2021. Sonoco said the price increase was in response to continued inflationary pressures on manufacturing costs, including energy, freight, chemicals, and packaging materials. “Inflation on our input costs remain unabated as we enter the last quarter of 2021, and we expect these cost pressures to continue into 2022,” said Tim Davis, Division Vice President and General Manager, North America Paper. “Despite the current supply challenges driven by very strong URB demand, we remain committed to delivering the highest level of quality and service to our many loyal customers.”

Aptar Announces Strategic Collaboration with YAT, a Chinese Online Skincare Company

Aptar will leverage YAT’s expansive market insight database, focused on specific consumer skincare needs and skincare profiles, and will use YAT’s in-depth experience in customized turnkey solutions as well as online product distribution and promotion to bring new solutions to market. The collaboration will significantly bolster Aptar’s product and service offerings in China, along with innovation capabilities, by combining Aptar’s expertise in innovative, sustainable and quality manufacturing of packaging solutions together with YAT’s profound understanding of the Chinese consumer, concept design and development expertise, digital marketing capabilities and ingredient based influencer pool, which are increasingly essential in accelerating new product launches that are well received by the market.
Back To Top
×Close search
Search