Swedish Essity left the Russian Federation, selling the company to the main owner United Medical Group

(Text details added)

COPENHAGEN, July 17 (Reuters) – Swedish hygiene product maker Essity has completed the sale of its Russian assets for around SEK 1.2 billion ($117.34 million) to New Technologies, owned by Igor Shilov, Essity reported.

Shilov is also the main shareholder of United Medical Group.

Essity, producing e.g. products under the brands Zewa, Libero and Libresse, in April 2022 announced its withdrawal from the Russian market.

In 2022, Essity’s net sales in Russia accounted for approximately 2% of total consolidated net sales.

The negative impact on the company’s profit, including the cumulative exchange difference, will be approximately EEK 0.5 billion and will be reflected in the financial statements for the third quarter of 2023, said Essity.

($1 = SEK 10.2268)

The original message in English is available under the code: (Louise Breusch Rasmussen, Olga Popova)