Raisio closes sale of consumer business in Russia to Copacker Agro
MOSCOW. May 13 (Interfax) - Raisio has completed a previously announced deal to sell its consumer business in Russia to Russian company Copacker Agro Ltd, the Finnish food company said in a press release.
The transaction was registered in Russia on May 12 and the business of subsidiary OOO Raisio Nutrition has been transferred to the buyer, the company said.
Raisio Nutrition has used the Nordic trademark, under which the company makes products such as cereal and biscuits, in the Russian and Belarusian markets, among others. In these markets, the rights to the trademark were sold to the Estonian company Nordgate Trading Oü.
The total sale price was 1.5 million euros. For the divestment of its consumer business in Russia, Raisio will record a divestment loss of some 3.6 million euros, of which Raisio recognised an estimated impairment loss of 2.9 million euros in its first quarter EBIT.
In addition to its food business in Russia, Raisio has exported fish feed to Russia from its Finnish division Raisioaqua. The fish feed exports were suspended at the beginning of March, the company said earlier. Approximately 65% of Raisioaqua's production was directed to Russia.
Raisio withdrew its financial guidelines for 2022 at the beginning of March due to the developments in Ukraine, the unprecedentedly rapid increase in the price of grain-based raw materials and the uncertainty created by the challenges in the availability of these raw materials.
Raisio Nutrition closed 2021 with a net profit of 76.6 million rubles on revenue of 789 million rubles, the SPARK-Interfax system showed.
The change in the company's ownership has been recorded in the Unified State Register of Legal Entities, which showed that 100% of Raisio Nutrition is owned by Copacker Agro as of May 12. Copacker Agro is a leader on the Russian contract food production and packaging market, the company's website said.