Norway-based Elopak to sell its Russian operations to local management and exit the market; sale is not expected to impact Elopak’s business outside of Russia and Elopak does not expect further material financial gains or losses recognized in Q2

Sample article from our Packaging Industry

July 15, 2022 (press release) –

Following Elopak’s decision to suspend operations in Russia in March 2022 the company undertook a thorough review of all possible options available. On this basis it has today reached an agreement to divest its Russian business (JSC Elopak) to local management, selling 100% of its shares. As of today, operational activities of the Russian business shall be under the control of the local leadership team. Under its new owners, the business will operate independently, while Elopak will continue to abstain from business operations in Russia.

This decision is the result of many months of consideration, delivering a solution that best secures the future of Elopak’s colleagues in Russia. The sale is not expected to impact Elopak’s business outside of Russia and Elopak does not expect further material financial gains or losses recognized in Q2-22 as a result of concluding the transaction. The completion of the transaction is subject to approval by the Governmental Commission on the Control over Foreign Investments in Russia. Further details will be shared in due course.

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