Mondi quits from Russia

Mondi (a major British paper producer) recently announced that it was deeply concerned by the war in Ukraine and shocked by the humanitarian impact.

According to the Iran Printing and Packaging News Agency, the company expresses its deepest sympathies to all those affected by the ongoing hostilities and calls for an immediate halt and a peaceful resolution.

Since the announcement on March 10, after evaluating all options for the Group’s interests in Russia and recognizing the corporate values ​​and responsibilities of shareholders, the Board of Directors has decided to divest the Group’s assets in Russia.

The process of divesting these important assets is operationally and structurally complex and takes place in an evolving political and regulatory environment. Accordingly, there can be no assurance as to when a transaction will be completed or comment on the structure of any potential transaction. As of December 31, 2021, the net asset value in Russia was 687 million euros.

To date, Russian businesses have managed supply chain constraints. However, the situation remains fluid and there may be disruptions in pulp and paper production in the future. All major capital expenditure projects in Russia have been suspended.