On 11th September, 2024, we sold our Russian operations to a Russian investment company, ending our business activities in Russia.
We announced our intention to exit our business in Russia on 1 April 2022 and, on 28 April 2023, signed an agreement to sell it to IPLS. The process took longer than expected and so we entered negotiations with other buyers. On 19 April 2024, we agreed to sell to a Russian investment company and ended negotiations with IPLS.
In 2023, the business in Russia represented approximately 3% of our total net sales. The divestment does not have a material financial impact on us and does not affect the financial guidance for 2024. Our redemption liabilities concerning the Russian business will be paid soon after the completion of the transaction. The parties have agreed that the purchase price will not be disclosed.
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