Swedish hygiene and health company Essity announced Saturday it had secured a deal to sell off its business in Russia.
As noted in the company’s press release, the Russian authorities have already approved the deal, which is expected to be finalized during the second quarter of 2023.
Essity did not say who bought its Russian assets or for what amount.
The company noted sales in Russia last year made up 2% of its global sales and that exiting the Russian market would unlikely significantly impact its overall revenues.
In April, Essity announced it was pulling out of Russia due to “deteriorating business conditions.”
The company owns three factories in Russia and employs a total of 1,300 people in its Russian division, according to the Kommersant business daily.
Since Moscow launched its invasion of Ukraine last year, thousands of foreign companies have joined a corporate exodus from Russia as Western nations imposed sanctions on the country.
Around 2,000 foreign companies are waiting to receive permission from the Russian government to sell their Russia-based operations and repatriate capital abroad.
A Message from The Moscow Times:
Dear readers,
We are facing unprecedented challenges. Russia's Prosecutor General's Office has designated The Moscow Times as an "undesirable" organization, criminalizing our work and putting our staff at risk of prosecution. This follows our earlier unjust labeling as a "foreign agent."
These actions are direct attempts to silence independent journalism in Russia. The authorities claim our work "discredits the decisions of the Russian leadership." We see things differently: we strive to provide accurate, unbiased reporting on Russia.
We, the journalists of The Moscow Times, refuse to be silenced. But to continue our work, we need your help.
Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just $2. It's quick to set up, and every contribution makes a significant impact.
By supporting The Moscow Times, you're defending open, independent journalism in the face of repression. Thank you for standing with us.
Remind me later.
