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Michele Maatouk Sharecast News
15 Dec, 2022 09:32

Mondi to sell Russian assets to Gotek Group

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MondiSharecast graphic / Josh White

Mondi

1,154.50p

12:35 24/12/24
0.48%
5.50p

Packaging and paper group Mondi has agreed to sell its three Russian packaging converting operations to Russian packaging maker Gotek Group for RUB1.6 bn in cash.

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The company said on Thursday that the three packaging converting operations comprise a corrugated solutions plant and two consumer flexibles plants, producing a range of packaging solutions for the domestic Russian market.

The loss on the disposal is expected to be in the range of €70-80m at current exchange rates.

The sale is conditional on the approval of the Russian Federation’s Government Sub-Commission for the Control of Foreign Investments and customary antitrust approvals and is expected to complete in the first half of next year.

Mondi had announced on 4 May that it was planning to divest its Russian assets.

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