Segezha says it is set to seize the unique opportunity to acquire assets that were previously unavailable and is particpating in different tenders at the same time.
Russian forestry holding Segezha group is interested in acquiring assets or parts of foreign companies in Russia that might be up for sale after they withdraw from the country, according to an article in Interfax. The news agency quotes Segezha’s vice-president for finance and investment Roshvan Aliyev as having said that Segezha is definitely keen on acquiring subsidiaries or parts of Western companies in Russia. The current situation presents a unique opportunity to acquire assets that were previously unavailable.
In the interview published in Interfax and confirmed to EUWID by Segezha, Mr Aliyev says that the sale process is complicated as a Russian government commission must approve nearly all transactions. Many parties are interested in acquitting the assets that are up for sale. He did not confirm any transactions concluded by Segezha but added that the company is involved in virtually all tenders for purchasing assets of Western companies who want to divest their operations in Russia.
Major international paper and packaging industry companies have withdrawn from the Russian market following the outbreak of the Ukraine war and have partly already sold their activities in the country.
Smurfit Kappa announced in March that it would exit the Russian market and would not continue to operate its three corrugated packaging plants.
Mondi had also started assessing its options immediately after Russia's aggression on Ukraine and has recently announced the sale of JSC Mondi Syktyvkar to Augment Investments.
In May this year, Stora Enso had sold three corrugated packaging plants to the local management. Previously the company had sold its sawmilling and fiorestry operations. assets
This summer, packaging producer Huhtamaki divested its business in the country to holding company Espetina, and Elopak and Tetrapak conducted similar transactions.
US pulp and paper producer Sylvamo announced as early as in May that it would withdraw from the country and was conducting talks to sell its Svetogorsk mill. Sylvamo already classified the business as discontinued operations in its financial statements. So far, no transaction completion has been reported.