Segezha Packaging had seven packaging factories in Europe: in Germany, Denmark, Italy, the Netherlands, Romania, Turkey and the Czech Republic. However, due to the sanctions, their activity has recently been impossible.
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Mikhail Shamolin, the president of the Russian timber holding, told reporters during a teleconference that “the deal has been completed, for approximately one dollar.”
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According to TASS, the debt of the European subsidiary towards the parent company is approx. EUR 100 million, and the sale was the only option to stay in business. In addition to the aforementioned dollar, the buyer will also have to deal with arrears.
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