The Swedish company Essity, which produces hygiene products (Zewa, Libresse, Lotus, Libero brands, etc.), ceases its activities in Russia and sells assets: a buyer has already been found, the deal has been approved by the Russian authorities.
The official statement appeared on the Essity website: “Essity has signed an agreement with the buyer. The transaction is expected to close in the second quarter of 2023.”
In the message, the representatives of the manufacturing company recall that Essity began working to exit the Russian market in April 2022: the company depreciated assets in the Russian Federation in the amount of approximately 1.7 billion Swedish crowns (about 157 million dollars). ).
“The overall impact on earnings will be reported upon completion of the transaction, but is not expected to have a material financial impact.”— reported on the website with the amendment that in 2022, Essity’s net sales in our country amounted to about 2% of the total net sales of the entire group.
I am a professional journalist and content creator with extensive experience writing for news websites. I currently work as an author at Gadget Onus, where I specialize in covering hot news topics. My written pieces have been published on some of the biggest media outlets around the world, including The Guardian and BBC News.