ETTYF - Sweden's Essity divests its operations in Russia
2023-06-12 04:03:51 ET
-
Essity ( OTCPK:ETTYF ) has divested its operations in Russia.
-
A buyer has been found and the deal has been approved by the Russian authorities.
-
The deal is expected to be finalized during the second quarter of 2023.
-
The company said it did not expect to see a material financial impact from the winding down of its Russian business.
-
Essity began work to exit the Russian market in April 2022, incurring an impairment for the assets of approximately SEK 1.7 billion.
-
In 2022, net sales in Russia accounted for roughly two percent of Essity's global sales, the company said.
For further details see:
Sweden's Essity divests its operations in Russia