July 15 (Reuters) – Norway’s Elopak (ELO.OL), a global supplier of carton packaging and filling equipment, said on Friday it had reached an agreement with local management in Russia for the sale of its Russian unit JSC Elopak.
Elopak said it did not expect to record any material financial gains or losses in the second quarter related to the deal, but flagged a currency risk until the closing of the transaction, expected in third or fourth quarter, as the settlement will be paid in roubles.
In May, Elopak had said it would try to find a buyer for its plant in Russia after suspending all of its activities following Moscow’s invasion of Ukraine.
The company said the buyer is Packaging Management and Investing LLC, which is beneficially owned by the management of JSC Elopak.
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Reporting by Marie Mannes; editing by Milla Nissi
Our Standards: The Thomson Reuters Trust Principles.
