Huhtamaki Cis

History

2022: Espetina bought Huhtamaki's Russian business

The Russian business of the Finnish disposable glassware manufacturer Huhtamaki was sold to the Espetina holding of the owner of Tasty and the Point, Alexander Govor and Yuri Kushnerov. The transaction cost amounted to 151 million euros. This was announced in Huhtamaki in early September 2022.

As a result of the deal, Huhtamaki expects to make a profit of 15 million euros. The company stressed that the sale of Russian business will not have a significant impact on the business. The perimeter of the transaction includes four production sites in the Russian Federation, which employ 724 people.

Russian business of the Finnish manufacturer of disposable dishes Huhtamaki sold to the holding Espetina owner "Tasty - and the point"

The current development of the situation and long-term prospects in Russia will prevent the implementation of our growth strategy and long-term ambitions in this country, Huhtamaki noted.

Alexander Govor, through a representative, told RBC that the transaction would be completed after receiving approvals from the FAS. Management and other employees of the company will retain their jobs.

The acquisition of Huhtamaki's business in Russia is another step that will help us develop the Tasty - And Point network faster, as well as provide high-quality packaging to other market players, Govor said.

Against the background of a special military operation in Ukraine in mid-April 2022, Huhtamaki decided to stop all operations on the Russian market and leave Russia. Since then, she has been looking for buyers at her businesses, during the transition period she continued to work.

Huhtamaki is considered the leading manufacturer of disposable dishes and packaging for catering in the world. The manufacturer operates in 38 countries, including Russia (by the beginning of September 2022). The company has factories in Ivanteevka near Moscow and in Tatarstan. The Russian market accounted for about 3% of the company's total net sales worldwide.^[1]

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