Huhtamaki has sold its operations in Russia to Espetina Ltd. Espetina is a holding company owned by Alexander Govor and Iury Kushnerov.
The transaction includes four manufacturing units in Russia, employing 724 people.
On April 14, 2022, Huhtamaki announced its intention to divest its operations in Russia. This followed an earlier decision to stop all investments in Russia at the outbreak of the invasion of Ukraine.
“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. We are pleased to bring to a close the subsequent review of our strategic options in Russia. As part of the process, we conducted extensive due diligence to find the best possible buyer and future partner for our local employees – the safety and wellbeing of whom remain important to us. We feel that Espetina will be a good and committed owner for the business and the future of our employees”, says Charles Héaulmé, President and CEO, Huhtamaki.
The cash and debt free sales price is EUR 151 million. As a result of the sale, Huhtamaki expects to book a gain of approximately EUR 15 million in its third quarter. The presented figures are preliminary estimates which are affected by, among others, changes in RUB/EUR exchange rate. The sale is not expected to have a significant financial impact on Huhtamaki in 2022.
Huhtamaki is a key global provider of sustainable packaging solutions for consumers around the world. Our innovative products protect on-the-go and on-the-shelf food and beverages, ensuring hygiene and safety, driving accessibility and affordability, and helping prevent food waste. We embed sustainability in everything we do. We are committed to achieving carbon neutral production and designing all our products to be recyclable, compostable or reusable by 2030.
We are a participant in the UN Global Compact and EcoVadis has awarded Huhtamaki with the Gold medal for performance in sustainability. To play our part in managing climate change, we have set science-based targets that have been approved and validated by the Science-Based Targets initiative.
With 100 years of history and a strong Nordic heritage we operate in 38 countries and 114 operating locations around the world. Our values Care Dare Deliver guide our decisions and help our team of 20,000 employees make a difference where it matters. Our 2021 net sales totaled EUR 3.6 billion. Huhtamaki Group is headquartered in Espoo, Finland and our parent company, Huhtamäki Oyj, is listed on Nasdaq Helsinki Ltd. Find out more about how we are protecting food, people and the planet at www.huhtamaki.com.