Mondi plc
(Incorporated in England and
Wales)
(Registered number: 6209386)
LEI: 213800LOZA69QFDC9N34
LSE share code:
MNDI
ISIN: GB00B1CRLC47
JSE share code: MNP
15 December 2022
Mondi to divest its packaging
converting operations in Russia
Mondi plc (‘Mondi’ or the ‘Group’) confirms that it has entered
into an agreement to sell its three Russian packaging converting
operations to the Gotek Group for a consideration of RUB 1.6 billion (around €24 million at current
exchange rate), payable in cash on completion (the ‘Disposal’).
The three packaging converting operations comprise a corrugated
solutions plant and two consumer flexibles plants, producing a
range of packaging solutions for the domestic Russian market. The
loss on the Disposal is expected to be in the range of €70-80
million at current exchange rate.
The Gotek Group is a leading Russian packaging producer,
headquartered in Moscow, and
employs around 2,200 employees across its business.
The Disposal is conditional on the approval of the Russian
Federation’s Government Sub-Commission for the Control of Foreign
Investments and customary antitrust approvals and is expected to
complete in the first half of 2023. However, as the Disposal is
being undertaken in an evolving political and regulatory
environment, there can be no certainty as to when the Disposal will
be completed.
The Disposal follows Mondi’s announcement on 4 May 2022 that, having assessed all options for
the Group’s interests in Russia,
it had decided to divest its Russian assets. The Disposal is not
affiliated with the proposed disposal of Mondi Syktyvkar for which
the approval of the Russian Federation’s Government Sub-Commission
for the Control of Foreign Investments and customary antitrust
approvals remain outstanding.
Enquiries
Investors/analysts
Mike Powell
+44 193 282 6322
Mondi Group Chief Financial
Officer
Media
Chris
Gurney
+44 193 282 6358
Mondi Group Senior Communications Manager
Richard Mountain (FTI
Consulting)
+44 790 968 4466
About Mondi
Mondi is a global leader in packaging and paper, contributing to
a better world by making innovative solutions that are sustainable
by design. Our business is integrated across the value chain – from
managing forests and producing pulp, paper and films, to developing
and manufacturing sustainable consumer and industrial packaging
solutions using paper where possible, plastic when useful.
Sustainability is at the centre of our strategy, with our ambitious
commitments to 2030 focused on circular driven solutions, created
by empowered people, taking action on climate.
In 2021, Mondi had revenues of €7.0 billion and underlying
EBITDA of €1.2 billion from continuing operations, and employed
21,000 people worldwide. Mondi has a premium listing on the London
Stock Exchange (MNDI), where the Group is a FTSE100 constituent,
and also has a secondary listing on the JSE Limited (MNP).
mondigroup.com
Sponsor in South Africa: Merrill Lynch South Africa
Proprietary Limited t/a BofA Securities.