Following its previous decision to halt all investment in Russia, Huhtamaki will now initiate the process to divest its operations in that country. The move is prompted by the Russian invasion of Ukraine, which has created a situation and long-term outlook in Russia that is counterproductive to Huhtamaki’s growth strategy and long-term ambitions in the country.
The company will continue to seek out investments that capture the significant growth opportunities in the rest of the world, in line with its global ambitions and 2030 Strategy.
In a statement 14 April, the company added that ‘the safety and wellbeing of all our colleagues remain of paramount importance.’
Huhtamaki employs some 700 people at its four manufacturing units in Russia. Net sales in the country represent approximately 3% of the Group’s total net sales.
The company said that it will maintain its operations subject to supply chain availability, while looking for potential buyers, to meet its contractual and regulatory obligations and to safeguard employees and customers.
Headquartered in Espoo, Finland, Huhtamaki Group develops and manufactures sustainable packaging for consumers at 114 operating locations in 38 countries around the world. In 2021, the Group reported a total of EUR 3.6 billion in net sales. Huhtamaki aims to design all its products to be recyclable, compostable or reusable by 2030 and has committed to achieving carbon neutral production that same year.