British packaging firm Mondi joins Ukraine war exodus

By Jane Denton
This is Money UK
December 15, 2022
Category: Business & Politics
Region: International

Paper and packaging group Mondi is selling three of its Russian packaging converting operations to Moscow-based Gotek Group for €24million, or around £20million.  The London-listed group said the disposal was valued at about $25.47million, or about £21million, at the current exchange rate, leading to an expected loss from the sale in the range of around £60million to £70million.  Mondi said there was no certainty as to when the deal would be completed given the political and regulatory backdrop. 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. Mondi shares fell today and were down 1.19 per cent or 17.50p to 1,451.00p this morning, having fallen over 17 per cent in the last year.  

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