Amcor announces that 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 are 370 million euros.

Followed by Amcor’s previously announced decision to pursue the orderly sale of its Russian business while continuing to support its people and customers and preserve value for shareholders.

The Russian business produces flexible and carton 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.