SEATTLE (Scrap Monster): Leading producer of responsible packaging solutions, Amcor, announced its decision to sell three factories in Russia. This is in line with the earlier announcement by the company in March this year with regards to scaling down activities and exploring strategic options for its Russia operations. The three factories together account for 2%-3% of the company’s total sales
According to company press release, the completion of the sale is expected to take place in the second half of its 2023 fiscal year. It reiterated its commitment to support its employees and customers until the completion of the sale. Also, it will preserve value of shareholders through an orderly sale process. The sale is unlikely to impact the earlier guidance for FY23, as it already takes into account a number of potential outcomes regarding the sale of its factories in Russia.
The company had proactively closed its Kharkiv, Ukraine site before the start of the armed conflict in the region. It had committed around $1 million for direct support to our team in Kharkiv and their families as well as general humanitarian aid, in partnership with the International Red Cross. The company had then promised of taking additional necessary actions as needed, after assessment of the rapidly evolving situation.
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