Exit Completed: company sold its business/assets or its part of the business to a local partner and leaved the market
Exited Exit Completed
Essity AB is a global hygiene and health company, with its headquarters in Stockholm, Sweden. The products portfolio contains one-use products such as tissue paper, baby diapers, feminine care, incontinence products, compression therapy, orthopedics and wound care.
Exit Completed: company sold its business/assets or its part of the business to a local partner and leaved the market
Exited Exit CompletedWork has been initiated to exit the Russian market but the comany received almost the same amount of revenue in 2022 as in 2021. The hygiene and health company Essity has completed the divestment of its operations in Russia for a purchase price of approximately SEK 1.2bn on a cash and debt-free basis. Essity has thus exited Russia. Essity began work in April 2022 to exit the Russian market and in 2022 an impairment was carried out of the company’s assets in Russia of approximately SEK 1.7bn.
In 2022, the Swedish Essity (brands Libresse, Zewa, Tork and Tena) localized the production of more than 70 products in Russia, the production of which is "maximum independent" of imported raw materials. Essity divests Russian operations (promised to finalize the transaction till the end of June 2023). Essity has exited the Russian market. In 2022, Essity’s net sales in Russia corresponded to about 2% of its total consolidated net sales. The buyer is the company New Technologies LLC, with the principal owner Igor Shilov. The earnings impact, including accumulated currency translation differences, amounts to approximately SEK -0.5bn and will be reported as an item affecting comparability in the third quarter of 2023.