Tetra Pak local management Eaton Investments to become new owner of co's business in Russia

MOSCOW. Aug 8 (Interfax) - The Russian subsidiary of Sweden's Tetra Pak, one of the largest global producers of food product packaging, is changing owners, and Eaton Investments LLC will be its only shareholder, two sources familiar with the situation told Interfax.

According to one source, the transaction is for 1 euro.

According to the other source, the deal is still in its final stages, and work on the new brand will begin after all formalities have been completed.

The company is not commenting on the terms of the deal.

According to the Unified State Register of Legal Entities, Eaton Investments was founded in July and is owned on a parity basis by Alexander Krivolapov, head of JSC Tetra Pak, and Igor Akimov, head of JSC Tetra Pak from 2002 to 2014, according to the SPARK-Interfax analytical system.

Tetra Pak announced at the end of July that it had decided to transfer its Russian subdivision to local management, which would continue to operate in Russia under a new name. "This is due to the cumulative impact of the restrictions on exports to Russia leading to an unsustainable supply chain, as a result of which the company is left with no other option than to exit the country," it said.

Tetra Pak said earlier that it was suspending investments and new projects in Russia and reducing production and would focus on core products.

The company has operated in Russia for more than 30 years.