Mondi completes the sale of its Syktyvkar pulp and paper mill and exits Russia.
Mondi has sold its Syktyvkar pulp and paper mill to Sezar Invest for a total cash consideration of RUB80bn and with this concluded its exit from Russia.
Mondi has received RUB57bn into its London bank account and it is in possession of a letter of credit for the final RUB23bn, the group informed. The remainder of the sum would be paid in two equal instalments in each of November and December 2023, it said. Mondi intends to distribute the proceeds from the sale of all Mondi’s Russian assets to Mondi shareholders in a timely manner once the final instalments of the consideration in respect of Mondi Syktyvkar have been received.
The Syktyvkar facility in an integrated pulp, containerboard and fine paper mill with an installed capacity of 1.2 million t. The business employs approximately 4,500 people and reported sales revenues of approximately €1.1bn for 2022.
Sezar Invest is a subsidiary of Moscow based real estate development company Sezar Group.