Sweden's Essity divests Russian operations
Reuters
Published Jun 10, 2023 03:37AM ET
(Reuters) - Swedish hygiene products group Essity has divested its operations in Russia, the company said in a statement on Saturday.
The company said it did not expect to see a material financial impact from the winding down of its Russian business.
Essity has signed an agreement with a buyer and the transaction has been approved by the Russian authorities, it said, adding that the deal was expected to be finalised during the second quarter of 2023.
The world's second-biggest consumer tissue maker began work on exiting the Russian market in April, after taking a writedown of about 1.7 billion crowns ($157.25 million) on its assets in the country, the statement added.
Essity had said in March it would shut down all production and sales in Russia, where it had clocked sales worth 2.8 billion crowns last year, corresponding to about 2% of its total sales.
($1 = 10.8107 Swedish crowns)
Get The News You Want
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.