Important decision Norway’s carton packaging specialist Elopak has decided to sell its Russian operations to local management and exit the country’s market as a result of Russia’s military invasion of Ukraine and the war’s impact on its business.
The move “is the result of many months of consideration, delivering a solution that best secures the future of Elopak’s colleagues in Russia. The sale is not expected to impact Elopak’s business outside of Russia and Elopak does not expect further material financial gains or losses recognized in Q2-22 as a result of concluding the transaction,” the company said in a statement.
The transaction’s completion is subject to approval by the Governmental Commission on the Control over Foreign Investments in Russia, according to the statement.
The financial details of the deal were not disclosed by the packaging producer.
“Under its new owners, the business will operate independently, while Elopak will continue to abstain from business operations in Russia,” Elopak said.