Huhtamaki divests its operations in Russia

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 investments in Russia at the outbreak of the invasion of Ukraine.

“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. We feel that Espetina will be a good and committed owner for the business and the future of our employees”, says Charles Héaulmé, President and CEO, Huhtamaki.

The cash and debt free sales price is EUR 151 million. As a result of the sale, Huhtamaki expects to book a gain of approximately EUR 15 million in its third quarter. The presented figures are preliminary estimates which are affected by, among others, changes in RUB/EUR exchange rate. The sale is not expected to have a significant financial impact on Huhtamaki in 2022.
https://www.huhtamaki.com/en/media/media/press-release/2022/huhtamaki-divests-its-operations-in-russia/

Related Posts

Pregis begins production in new Arlington, Texas cushioned paper mailer facility; mayor attends ribbon cutting

Pregis celebrated production start-up at its new 265,000 square foot manufacturing facility in Arlington, Texas with a ribbon cutting attended by the city’s mayor The Honorable Jim Ross. The new facility is now producing the Pregis EverTec™ mailer which is a durable, lightweight, curbside recyclable, paper cushioned, shipping solution. Pregis is currently employing 75 people in Arlington with plans to scale up to 105 over time. Pregis acquired the technology to manufacture the envirotech shipping solution in October 2020 with the goal to scale the production of the curbside recyclable product to meet consumer demand. The company self-manufactures the proprietary equipment used to produce the mailers. The new capacity in Arlington is in addition to the recently announced facilities in Bethel, Pennsylvania and McDonough, Georgia, as well as the Elk Grove Village, Illinois facility. The company is expanding with additional sites to serve strategic geographic markets which will create approximately 450 new jobs, in total.

Berry Global and Mars, Incorporated Announce the Launch of Recycled Content Packaging

Berry Global Group, Inc. is collaborating with snack and treats leader Mars, Incorporated to launch its popular pantry-sized treats in polyethylene terephthalate (PET) jars that have been optimized to be lighter weight and include 15% post-consumer resin (PCR). With the shared mission of creating more sustainable packaging solutions, Berry and Mars will launch the new jars for the M&M’S®, SKITTLES®, and STARBURST® brands later this month. The easy-grip square jars are produced at Berry’s manufacturing facility, using a single-pellet, food-grade resin to assure a clean, consistent substrate sourced from mechanical recycling. With a history of results in light-weighting, Berry approached Mars with the new concept including PCR. Berry brought its problem-solving and technical expertise to the table to help Mars make progress toward their sustainability goals. In addition to the inclusion of PCR, the jar is also widely recyclable.

Graphic Packaging Holding Company Named to Newsweek’s List of America’s Most Responsible Companies for Second Year in a Row

Graphic Packaging Holding Company has been named to Newsweek's 2022 list of America's Most Responsible Companies for a second year in a row. The recognition is based on a detailed analysis of Environmental, Social and Corporate Governance (ESG) factors. "Being recognized for a second year by Newsweek for corporate responsibility as well as being included on Forbes' inaugural list of Top Female-Friendly Companies is a true honor," said Michael Doss, President and Chief Executive Officer. "At Graphic Packaging, we are committed to delivering sustainable fiber-based consumer packaging solutions through a high-performance company culture that embraces diversity. We are committed to positive change and advancement of our environmental, social and governance initiatives. The recognitions demonstrate the progress we have made and will continue to drive to benefit all stakeholders."
Back To Top
×Close search
Search