Mondi successfully concludes Russian exit with Mondi Syktyvkar sale

In a strategic move, Mondi plc, a leading sustainable consumer and industrial packaging solutions provider, has wrapped up its exit from Russia. The culmination of this significant decision comes with the completion of the sale of Joint Stock Company Mondi Syktyvkar, its last remaining facility in Russia, along with two affiliated entities, to Sezar Invest LLC for a substantial cash sum of RUB 80 billion.

Mondi initially announced the agreement to sell Mondi Syktyvkar on September 17, 2023. However, the closure of this transaction has been accelerated, marking a swift transition in the company’s portfolio strategy.

As of now, Mondi has already received RUB 57 billion in its London bank account, while the final RUB 23 billion will be settled through two equal instalments scheduled for November and December 2023, backed by a letter of credit.

The company’s intention is clear – once the last instalments of consideration for Mondi Syktyvkar are safely in hand, the net proceeds from the sale of all Mondi’s Russian assets will be efficiently distributed to Mondi shareholders. This move emphasizes Mondi’s commitment to optimizing its portfolio and focusing on its core businesses.