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IN BRIEF: Putin transfers some foreign companies’ assets to temporary management

The Russian assets of Ontex, the owner of the Helen Harper diaper brand, as well as those of three foreign packaging companies, were also placed under temporary administration

© Alexey Druzhinin/Russian Presidential Press Service/TASS

MOSCOW, October 16. /TASS/. Russian President Vladimir Putin has signed a decree placing the assets of flooring manufacturer Tarkett under the temporary management of Management Company Center Capital LLC.

The Russian assets of Ontex, the owner of the Helen Harper diaper brand, as well as those of three foreign packaging companies, were also placed under temporary administration.

TASS has gathered the main facts about the decision.

Transfer of Tarkett assets

Putin has signed a decree placing the assets of flooring manufacturer Tarkett under the temporary management of Management Company Center Capital LLC.

According to the document, 100% of shares in the authorized capital of Tarkett Sommer LLC held by Tarkett JSC were placed under temporary management.

Tarkett is an international company and one of the world’s largest manufacturers of flooring.

Transfer of Ontex assets

The decree by the head of state also placed the Russian assets of Ontex, the company that owns the diaper brand Helen Harper, under the temporary management of Management Company Center Capital LLC.

According to the document, 100% of shares in the authorized capital of Ontex RU LLC held by Ontex were placed under temporary management.

Ontex is a leading international manufacturer of personal hygiene products for babies and women, as well as hygiene products for managing adult incontinence.

Helen Harper is one of the brands under which the company sells its products.

Transfer of assets of three packaging companies

Moreover, the presidential decree placed the assets of three foreign packaging companies under the temporary management of Management Company Center Capital LLC.

This refers to the German company Georg Menshen GmbH & Co. KG, the Dutch Sonoco Packaging Netherlands Investments B.V., and the Swedish Sverige International Holdings AB.

According to the document, 12,565 shares in Kappa Rus JSC held by Sverige International Holdings AB, a 99.71% stake and a 0.29% stake in the authorized capital of Menshen Packaging CIS LLC held by Georg Menshen GmbH & Co. KG, and a 100% stake in the authorized capital of Eviosys Packaging Kuban LLC held by Sonoco Packaging Netherlands Investments B.V. were placed under temporary management.

All companies are major global manufacturers in the packaging sector.

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