Mondi completed the sale of its last plant in Syktyvkar ahead of schedule
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The Austrian packaging paper manufacturer Mondi has closed ahead of schedule part of the deal to sell a pulp and paper mill in Syktyvkar, its last asset in the Russian Federation. As a result, the group completed its withdrawal from the Russian market, reported on her website.
“Mondi is pleased to confirm that the closing of the transaction has been accelerated and the sale is now complete. Thus, Mondi has completed its withdrawal from Russia,” the statement said.
Mondi announced the sale of the enterprise in mid-September, the buyer was Cesar Invest LLC, the transaction amounted to 80 billion rubles. The group noted today that they received 57 billion rubles. to its account in a London bank and has a letter of credit for the remaining 23 billion rubles, which will be paid in two equal payments in November and December 2023.
Mondi in August 2022 announced the sale of its plant in Syktyvkar to the investment company Augment Investments Limited for RUB 95 billion. In December of the same year, it became known that the Russian authorities had not approved the sale of the plant. In June Mondi stated about withdrawing from the deal due to “lack of progress in obtaining the necessary permits.”
Early July Mondi completed a deal to sell three Russian enterprises to the Gotek group for 1.6 billion rubles. As a result of the transaction, Gotek will receive a plant for the production of corrugated cardboard packaging in the Lipetsk region and two plants for the production of flexible packaging in the Yaroslavl and Sverdlovsk regions. Mondi received net proceeds of €30.4 million from this sale into its Austrian bank account.
Mondi announced its desire to sell its Russian business on May 4. The company noted that Mondi’s Russian enterprises have coped with restrictions in the supply chain, but the situation is still unstable, so disruptions in paper and pulp production are possible in the future. Mondi estimates that the company’s losses as a result of leaving the market will amount to 70-80 million euros. Agreements with Gotek for the sale of three enterprises became known in December 2022.
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