Finnish Atria and Stora Enso sold Russian business

Finnish food manufacturer Atria and wood processing company Stora Enso have sold their Russian operations, the companies said in press releases on Monday.
“Atria has sold its fast food business to LLC Sibilla Rus, a subsidiary of Agrocomplex Mikhailovsky Limited Liability Company, part of the Cherkizovo Group. The purchase price is approximately 8 million euros and does not include the Sibylla brand,” Atria said in a statement.
The turnover of the Atria enterprise in Russia amounted to about 2% of the turnover of the Atria Group and was profitable, the company specifies.
Finnish woodworking giant Stora Enso has continued to sell off its Russian assets. Earlier, on April 25, the company announced the sale of Russian sawmills.
“Stora Enso has sold three of its corrugated packaging plants in Russia. Lukhovitsky, Arzamassky and Balabanovskiy packaging plants of the company were transferred to local management,” Stora Enso said in a statement.
The businesses being sold employ about 620 people and have a total annual capacity of 395 million m² of corrugated packaging mainly for groceries, household goods, confectionery and pet food in the domestic Russian market, the company specifies.