ZURICH, Dec. 23,
2022 /PRNewswire/ -- Amcor (NYSE: AMCR; ASX:
AMC) announced today it completed the sale of its three
factories in Russia to HS
Investments, a Russian-based investor, after receiving all
necessary regulatory approvals and cash proceeds, including receipt
of closing cash balances. The cash and debt free consideration
value is €370 million.
This follows Amcor's previously announced decision to pursue the
orderly sale of its Russian business while continuing to support
its people and customers as well as preserving value for
shareholders.
The Russian business produces flexible and cartons packaging
from one site in St. Petersburg
and two sites in Novgorod and employs approximately 900 people.
Amcor's three sites in Russia
generated approximately 2% of total Amcor sales in fiscal 2022.
Cash proceeds are expected to be used primarily for debt
repayment and share repurchases. The transaction is not expected to
have a material impact on the outlook for fiscal 2023.
About Amcor
Amcor is a global leader in developing and producing responsible
packaging solutions for food, beverage, pharmaceutical, medical,
home and personal care, and other products. Amcor works with
leading companies around the world to protect their products and
the people who rely on them, differentiate brands, and improve
supply chains through a range of flexible and rigid packaging,
specialty cartons, closures, and services. The company is focused
on making packaging that is increasingly lighter weight, recyclable
and reusable, and made using an increasing amount of recycled
content. In fiscal year 2022, 44,000 Amcor people generated
$15 billion in annual sales from
operations that span 220 locations in 43 countries. NYSE: AMCR;
ASX: AMC
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SOURCE Amcor