STOCKHOLM, July 17, 2023 /PRNewswire/ -- The hygiene and
health company Essity has completed the divestment of its
operations in Russia for a
purchase price of approximately SEK
1.2bn on a cash and debt-free basis. Essity has thus exited
Russia.
Essity began work in April 2022 to
exit the Russian market and in 2022 an impairment was carried out
of the company's assets in Russia
of approximately SEK 1.7bn.
"Ever since the start of Russia's war against Ukraine, we have been fully focused on exiting
Russia. Today, we have completed
the divestment of our business following a long and complex
process," says Magnus Groth,
President and CEO of Essity.
In 2022, Essity's net sales in Russia corresponded to about 2% of its total
consolidated net sales.
The buyer is the company New Technologies LLC, with the
principal owner Igor Shilov. The
earnings impact, including accumulated currency translation
differences, amounts to approximately SEK
-0.5bn and will be reported as an item affecting
comparability in the third quarter of 2023.
For further information, please contact:
Per Lorentz, Vice President
Corporate Communications, +46 733 13 30 55,
per.lorentz@essity.com
Johan Karlsson, Vice President
Investor Relations, +46 705 11 15 81,
johan.ir.karlsson@essity.com
The following files are available for download:
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https://mb.cision.com/Main/15798/3806040/2192150.pdf
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Essity has exited the
Russian market
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