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Fri, Mar 24, 2023 09:30
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Mondi to sell three Russian packaging converting operations

UNITED KINGDOM (From news reports) -- British paper and packaging firm Mondi plc said on Thursday it will sell three of its Russian packaging converting operations to Moscow-based Gotek Group for 1.6 billion roubles ($24.9 million).

The London-listed company said the disposal is valued at about 24 million euros ($25.47 million) at the current exchange rate, leading to an expected loss from the sale in the range of 70 million euros to 80 million euros.

The Russian rouble, which crashed to historic lows when Moscow first sent troops to Ukraine on Feb. 24, slumped to its weakest level against the U.S. dollar in more than five months on Thursday as the currency comes under fresh pressure from the West's price cap on Russia's oil exports.

Mondi said there was no certainty as to when the deal would be completed given the political and regulatory backdrop.

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