Finnish packaging company Huhtamaki has sold its businesses in Russia to Espetina, a holding company owned by Russian businessmen Alexander Govor and Iuri Kushnerov.
The transaction includes Huhtamaki's 4 manufacturing sites in Russia which employ 724 persons. The sale price amounts to €151m in cash free of debts, according to Huhtamaki. The company expects to post a profit of roughly €15m from the sale in the third quarter.
As reported earlier, Huhtamaki announced its intent to divest its activities in Russian in the middle of April. "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,” explained Charles Héaulmé, Huhtamaki’s president and CEO. Huhtamaki conducted an extensive due-diligence process ahead of the transaction to find the best possible buyer and future partner for local employees.