17 Jul 2023 17:31

Sweden's Essity sells business to main EMC shareholder for $117.3 million

MOSCOW. July 17 (Interfax) - The Swedish company Essity, which produces hygiene products under the Zewa, Libero and Libresse brands, has closed a deal to sell its Russian business for 1.2 billion Swedish kronor ($117.3 million) to New Technologies LLC.

New Technologies LLC is owned by Igor Shilov, the main shareholder of United Medical Group CY PLC, the owner of EMC clinics, a company announcement said. According to the SPARK-Interfax system, Shilov owns 94.5% of New Technologies, while 5.5% belongs to Andrei Yanovsky, CEO of EMC.

Essity began winding down its Russian operations in April 2022, and at the end of the year, its assets were depreciated by approximately SEK 1.7 billion. In 2022, Essity's net sales in Russia accounted for about 2% of the group's total sales.