Huhtamaki divests its operations in Russia

Huhtamaki has sold its operations in Russia to Espetina Ltd. Espetina is a holding company owned by Alexander Govor and Iury Kushnerov. The transaction includes four manufacturing units in Russia, employing 724 people.

On April 14, 2022, Huhtamaki announced its intention to divest its operations in Russia.

The cash and debt free sales price is €151 million. As a result of the sale, Huhtamaki expects to book a gain of approximately €15 million in its third quarter. The presented figures are preliminary estimates which are affected by, among others, changes in RUB/EUR exchange rate. The sale is not expected to have a significant financial impact on Huhtamaki in 2022.