Huhtamaki announced its intention to divest its operations in Russia. This follows an earlier decision to suspend all investments in Russia following the outbreak of the Russian attack on Ukraine. The company believes that the current development of the situation and the long-term prospects in Russia prevent the realisation of its growth strategy and long-term ambitions in the country. Huhtamaki will continue to prioritise investments that take advantage of the significant growth opportunities in the rest of the world, in line with its global ambitions and Strategy 2030.
The safety and well-being of all colleagues remains of paramount importance, according to the Finnish company. Huhtamaki has four production facilities in Russia, which employ around 700 people. Net sales in Russia account for around 3 per cent of the Group's total sales.
The company will explore the market for potential buyers and maintain its operations during this transition period, provided the supply chain is available to fulfil contractual and legal obligations and protect employees and customers.
Source: Huthamaki
