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Irish corrugated packaging company Smurfit Kappa Group has completed its exit from the Russian market.
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The announcement comes almost a year after the company decided to leave the country in response to its invasion of Ukraine.
Smurfit Kappa subsequently entered an agreement to sell its Russian operations to local management.
The deal was conditional on regulatory approval being obtained from the Russian authorities as of 31 December last year.
Smurfit Kappa’s Russian operations form part of its Europe segment and include three plants in and around St Petersburg, as well as a major corrugated packaging plant in Moscow.
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By GlobalDataThe company has about 800 employees in the country, according to a spokeswoman.
In a statement, Smurfit Kappa said: “Following the approval of the Russian authorities and the completion of all necessary administrative processes, the Group’s operations in Russia have now been sold to local management.
“The operations include a bag-in-box facility and two corrugated plants in St Petersburg, and a corrugated plant in Moscow.”
Based in Dublin, Smurfit Kappa provides paper-based packaging for customers in the food and beverage, consumer goods and industrial goods sectors.
The company operates more than 350 production sites across 35 countries, employing more than 47,000 colleagues in total.
Last month, it reported total revenue of €12.81bn ($13.78bn) for fiscal 2022 (FY22), up by 27% from fiscal 2021 (FY21).
Smurfit Kappa is the latest packaging company to leave Russia as the country’s invasion of Ukraine continues.
In December last year, multinational packaging firm Amcor completed the divestment of its three factories in Russia to Russia-based investor HS Investments.
In the same month, packaging and paper firm Mondi agreed to sell its packaging converting operations in Russia to conversion manufacturer Gotek.
Gotek agreed to buy Mondi‘s packaging converting operations in the country for RUR1.6bn ($24.2m) in cash.
