Huhtamaki to divest its business operations in Russia
Huhtamaki OYJ made an announcement that it will be divesting all of its business activity in Russia in response to the country invading Ukraine. As of April 2022, the company divested all of these assets based in Russia, including manufacturing plants that employ 724 people. As a result of this move, the company also revealed that these facilities in the region will now be under the management of Espetina Ltd for the sum of EUR 151.0 million. Overall, the current war between Russia and Ukraine was likely to disrupt long-term and medium-term performance goals, so the company decided to sell its assets.
Discontinued ActivityIn response to volatile demand in the wake of the first COVID-19 surge, the company undertook a comprehensive cost reduction program, aimed at shoring up labor and supply costs.
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