Huhtamaki to initiate process to divest its Russian operations
HUHTAMÄKI OYJ PRESS RELEASE 14.4.2022 AT 16:00 EEST
Huhtamaki to initiate process to divest its Russian operations
Huhtamaki has decided to initiate the process to divest its operations in Russia. This follows an earlier decision to stop all investments in Russia at the outbreak of the invasion of Ukraine. Huhtamaki considers that the current evolution of the situation and the long-term outlook in Russia will prevent the realization of its growth strategy and long-term ambitions in the country. Huhtamaki will continue to prioritize investments that capture the significant growth opportunities in the rest of the world, in line with its global ambitions and 2030 Strategy.
The safety and wellbeing of all our colleagues remain of paramount importance. Huhtamaki has four manufacturing units in Russia, employing approximately 700 people and has successfully supported global and local customers over the last 30 years. The net sales in Russia represent approximately 3% of the Group’s total net sales.
Huhtamaki will explore the market for potential buyers and will maintain its operations during this transitional period, subject to supply chain availability, to meet its contractual and regulatory obligations and to safeguard employees and customers.
For further information, please contact:
Arto Gröndahl, Media Relations Manager, tel. +358 10 686 7107, media@huhtamaki.com
Kristian Tammela, VP, Investor Relations, tel. +358 10 686 7058
HUHTAMÄKI OYJ
Global Communications
About Huhtamaki
Huhtamaki is a key global provider of sustainable packaging solutions for consumers around the world, enabling wellbeing and convenience. Our innovative products protect on-the-go and on-the-shelf food and beverages, ensuring hygiene and safety, and help prevent food waste. We embed sustainability in everything we do. We are committed to achieving carbon neutral production and designing all our products to be recyclable, compostable or reusable by 2030.
We are a participant in the UN Global Compact and EcoVadis has awarded Huhtamaki with the Gold medal for performance in sustainability. To play our part in managing climate change, we have set science-based targets that have been approved and validated by the Science Based Targets initiative.
With 100 years of history and a strong Nordic heritage we operate in 38 countries and 114 operating locations around the world. Our values Care Dare Deliver guide our decisions and help our team of 19,600 employees make a difference where it matters. Our 2021 net sales totaled EUR 3.6 billion. Huhtamaki Group is headquartered in Espoo, Finland and our parent company, Huhtamäki Oyj, is listed on Nasdaq Helsinki Ltd. Find out more about how we are protecting food, people and the planet at www.huhtamaki.com.
