Smurfit Kappa Group announces that it has decided to exit the Russian market.
Irish Smurfit Kappa Group (SKG) has announced plans to leave the Russian market. The company said it had already suspended support for its Russian operations including any imports and exports and any short- or long-term funding. The planned exit would be effected in an orderly manner, during which SKG would continue to pay its employees and fulfil legal obligations. The Russian business represents less than 1 per cent of the company’s forecasted sales, according to SKG’s statement.
Smurfit Kappa operates three corrugated packaging plants in Russia, which are located in Moscow and St. Petersburg. In St. Petersburg, the company also operates a bag-in-box site.