Monday, April 25, 2022 2:15 pm
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SWEDEN (News release) - Essity has initiated an exit from the Russian market, according to the company's quarterly report. Essity's conditions to pursue business in Russia have worsened, the company said. As a result, the Essity's assets in Russia were impaired by approximately SEK 1.4 billion ($146.7 million).
In 2021, Essity's net sales in Russia amounted to approximately SEK 2.8 billion, corresponding to about 2% of total consolidated net sales in 2021.
Essity has been operating in Russia since 1994. Company has built three tissue factories in the Leningrad and Tula regions of Russia. About 1,300 employees work in the Russian division of the company.