By Joe Hoppe
Mondi said Monday that it is pulling out of an agreement to sell Syktyvkar, its most significant facility in Russia, and two affiliated entities to Augment Investments, but that it remains committed to divesting the assets.
The packaging and paper group said the decision follows recent discussions with Augment on its lack of progress gaining the necessary approvals to complete the deal.
The company said it remains committed to divest Syktyvkar and will continue to assess all alternative divestment options.
Mondi added that the planned disposal of three Russian packaging converting operations to Gotek Group, first disclosed in December, isn’t connected with the disposal of Syktyvkar, and that transaction remains in progress.
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