Mondi to sell Russian assets to Gotek Group
Mondi
1,399.50p
12:45 28/03/24
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.