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Owner of Zewa, Libresse and Libero brands leaves Russia and sells business

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Essity, a Swedish personal care product manufacturer, announced that it has terminated its operations in Russia. This is noted in the comments of the head of the company. Magnus Groth To the first quarter 2022 report.

According to him, the worsening of business conditions was effective in his decision to leave the Russian market. The company’s assets lost approximately $147 million in value. Also, Essity’s sales volume fell: it was just $29.5 million in 2022, which is 2% of the volume in 2021.

Grotto also warned of a future increase in product prices. This should offset the company’s increased electricity costs.

Essity manufactures toilet paper, paper towels, wipes and other hygiene products. On the Russian market, the product range is represented by the trademarks Zewa, Libero, Libresse, Tork and TENA.

Some foreign companies are gradually returning to Russia. For example, sportswear brand Adidas plans to open stores from November 1.

Source: Riafan

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