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Finnish food producer Raisio transfers its consumer business in Russia to new owner

The total sale price was 1.5 mln euros

MOSCOW, May 13. /TASS/. Finnish food producer Raisio has transferred its consumer business in Russia to Russian company Copacker Agro, the company said in a statement on its website on Friday.

"The transaction of Raisio plc’s consumer business in Russia to Copacker Agro Ltd has been completed. The Russian authorities have registered the transaction on May 12, 2022 and the business of Raisio plc’s subsidiary OOO Raisio Nutrition has been transferred to the buyer, Copacker Agro Ltd.," according to the statement.

The total sale price was 1.5 mln euros. The Finnish company said that for the divestment of its consumer business in Russia, it will record divestment loss of some 3.6 mln euros.

On April 29, Raisio signed an agreement with Russian firm Copacker Agro to sell its consumer business. It was reported that the rights to use the Nordic brand, under which Raisio produces cereals in the markets of Russia and Belarus, will be sold to the Estonian company Nordgate Trading OU.

Raisio noted that as a result of leaving the Russian market its division Raisioaqua, which specializes in the export of fish, will be affected most. The share of the Russian market in the total volume of its supplies was approximately 65%. Raisio was founded in 1939 in Finland. In Russia it is known for cereals produced under the brands Nordic and Elovena.

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