Segezha Group announced the sale of factories in Europe due to sanctions
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Due to Western sanctions, the Segezha Group holding, controlled by AFK Sistema, sold its European subsidiary Segezha Packaging, which unites seven paper packaging plants. These factories are located in Turkey, Denmark, the Netherlands, Germany, Italy and the Czech Republic.
As stated in report Segezha Group for 2022, an agreement on the sale of 100% of Arka Merchants Limited and its subsidiaries (through this company the group owned seven factories in European countries) was concluded on February 22. The holding’s management does not expect a significant impact of this transaction on the financial result of Segezha Group, the report states.
Segezha Group supplied paper to seven factories in Europe, from which they produced bags and other packaging. However, after the introduction of anti-Russian sanctions by the EU, the shipment of products from Russian timber enterprises to European countries was prohibited. Against this background, the company decided to sell European enterprises, clarifies RBC.
Earlier, Segezha Group President Mikhail Shamolin said that the company stopped all deliveries to Europe and redirected them to other markets, in particular to the CIS countries, to China, Egypt, Turkey, Israel, etc. According to him, the cost of delivering lumber from Irkutsk enterprises to China increased from $20 to $70 per 1 cubic meter. m, from the Northwestern Federal District (NWFD) to Egypt — from $25–30 to $130–140, from the NWFD to China — from $50 to $120 rubles. for 1 cu. m.
Read about the problems of Russian timber merchants in the material “Kommersant” “Own in the board Kazakhstan”.
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