The Swedish company Essity, which produces Zewa brand toilet paper and Libresse pads, announced that the Russian authorities have approved a deal to sell a business in the country. This was reported on the company's website.
Essity notes that it began to abandon the Russian business in April 2022. In total, last year the company wrote off about 1.7 billion Swedish kronor (6.8 billion rubles) of Russian assets.
It is planned that the deal to sell the business will be completed before the end of the second quarter of 2023.
In April 2022, after the start of a full-scale Russian invasion of Ukraine, the company's president, Magnus Groth, said that «Essity's business conditions in Russia have deteriorated.» In particular, the Russian assets of the company fell in price by about 1.4 billion Swedish kronor. The 2022 report stated that Essity has 1,400 employees and three businesses in Russia.