Essity has finally left the Russian market

Essity, a Swedish company specializing in the production of hygiene and healthcare products, has finally left the Russian market. The company's total assets in Russia amounted to SEK 1.2 billion. This was reported in the press service of Essity.

"Since the beginning of Russia's war against Ukraine, we have been fully focused on leaving Russia. Today, we have completed the sale of our business after a long and complex process," said Magnus Groth, President and CEO of Essity.

In April 2022, Essity began the process of exiting the Russian market. In the same year, the company's assets in Russia were impaired by about SEK 1.7 billion.

In 2022, Essity's net sales in Russia amounted to 2% of the company's total consolidated net sales.

New Technologies LLC has acquired Essity's Russian business, the company's press service said.

The German chemical-industrial giant Henkel AG, which produces detergents, cosmetics and hygiene products, has also left the Russian market.

During the war, many global companies decided to leave the Russian market. The Swedish company IKEA stopped supplying its goods to Russia and Belarus and suspended all production operations. Three of the world's most popular restaurant chains, KFC, McDonald's and Starbucks, also announced their withdrawal from Russia because of the war in Ukraine.