Swedish Essity sold its business in Russia

The company produced Zewa toilet paper, Libresse feminine pads, and Libero diapers.
The Swedish company Essity (brands of Zewa toilet paper, Libero diapers and Libresse feminine hygiene products) sold its business to New Technologies LLC, the main owner of which is Igor Shilov, according to a message on the Essity website

“The company <...> completed the sale of its assets in Russia at a purchase price of approximately 1.2 billion Swedish kronor (about 10.5 billion rubles at the rate of the Central Bank of Russia at the time of publication. - RBC) for cash and without debt. Thus, Essity left Russia,” the message says.

The company began exiting the Russian business in April last year. During this time, its assets in the country have depreciated "by about 1.7 billion Swedish kronor" (about 15 billion rubles). Over the past year, Essity's sales in Russia amounted to only "2% of total consolidated net sales."

In early June, the company announced that the country's authorities had approved a deal to sell Essity's assets, but neither the buyer nor the amount was named.

Igor Shilov is a former shareholder of Nidan and co-owner of the European Medical Center (EMC). According to RBC Company, its share in New Technologies is 94.5%, the rest of the shares belong to CEO Andrei Yanovsky. The company mainly conducts "headquarters activities".

Essity has been operating in Russia since 1994 and owned factories in Sovetsk and Venev (Tula region), Svetogorsk (Leningrad region). Essity produced 6.986 billion toilet paper rolls last year. This is 1.2 billion, or 21.06%, more than in 2021, according to data from Roslesinforge. Analysts previously estimated the share of all productions of the Swedish company in Russia within 23% of the total output of toilet paper.