Packaging and paper group Mondi has agreed to sell its three Russian packaging converting operations to Russian packaging maker Gotek Group for RUB1.6 bn in cash.
The company said on Thursday that the three packaging converting operations comprise a corrugated solutions plant and two consumer flexibles plants, producing a range of packaging solutions for the domestic Russian market.
The loss on the disposal is expected to be in the range of €70-80m at current exchange rates.
The sale is conditional on the approval of the Russian Federation’s Government Sub-Commission for the Control of Foreign Investments and customary antitrust approvals and is expected to complete in the first half of next year.
Mondi had announced on 4 May that it was planning to divest its Russian assets.
