Mondi will sell its Syktyvkar plant to Kharitonin’s structure for 95 billion rubles
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The Mondi Group announced the sale of its Mondi Syktyvkar division to the investment company Augment Investments Limited, Pharmstandard shareholder Viktor Kharitonin, for RUB 95 billion. or 1.5 billion euros at the current exchange rate. About it reported on the Mondi website.
The sale will take place subject to the approval of the Russian government’s subcommittee on foreign investment control, the Federal Antimonopoly Service (FAS) and the group’s shareholders. Together with Mondi Syktyvkar, two legal entities affiliated with it are subject to sale.
The transaction is expected to be completed in the second half of 2022, although Mondi found it difficult to give an exact date due to the necessary approvals.
Mondi’s Syktyvkar plant produces pulp, packaging and uncoated paper and is the largest supplier of uncoated paper and containerboard on the Russian domestic market. The company employs about 4500 people. The revenue of Mondi Syktyvkar in 2021 amounted to 821 million euros. As of June 30, 2022, the value of the business was 1.59 billion euros, the company specified.
On his desire to sell the Russian business to Mondi reported 5 May. “The Board of Directors has decided to sell the group’s Russian assets. The process of disposing of these significant assets is operationally and structurally complex and takes place in a changing political and regulatory environment. Accordingly, there can be no certainty when the transaction will be completed, ”the message said.
The company noted that Mondi’s Russian operations have coped with supply chain constraints, but the situation is still unstable, so there may be interruptions in the production of paper and pulp in the future.
The Mondi website states that the group owns four factories in Russia in Syktyvkar, Pereslavl-Zalessky, Sverdlovsk and Lipetsk regions. There are also several product dealers in Russia.
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