SEATTLE (Scrap Monster): Mondi plc has advised Augment Investments Limited of its decision to withdraw from its earlier agreement to sell Mondi Syktyvkar- its most significant facility in Russia along with two affiliated entities. The crucial decision comes after lack of progress on the part of Augment for obtaining necessary approvals to complete the transaction.
Subsequently, in accordance with the terms and conditions of the Sale and Purchase Agreement between the two parties, the Disposal to Augment will be terminated and will not be completed.
Meantime the press release by Mondi noted that the company continues to remain committed to divest Syktyvkar and will assess all available divestment options. Furthermore, it stated that the previously announced disposal of three Russian packaging converting operations to Gotek Group has no connection with the proposed disposal of Syktyvkar and that the transaction is in progress.
Mondi Syktyvkar integrated pulp, packaging paper and uncoated fine paper mill is located in Syktyvkar, Komi Republic, employing approximately 4,500 people. It had reported revenues of €821 million, EBITDA of €334 million and profit before tax of €271 million in 2021.
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