Ball Corporation has sold its beverage packaging business in Russia to Arnest Group for $530 million.
The deal comes after Ball’s decision to exit the Russian market earlier this year, following the invasion of Ukraine. Arnest has now acquired all of Ball’s Russian-based business.
Arnest manufactures perfume, cosmetics and household products in aerosol packaging in Russia.
“This decision is the result of many months of consideration, delivering a solution that best secures the future of Ball’s colleagues and assets in Russia,” said Dan Fisher, president and CEO of Ball Corporation. “We believe this is a sound outcome for Ball in these geo-political circumstances.”
The transaction, which will not impact Ball’s businesses outside of Russia, is not subject to any conditions, and all required approvals have been obtained.
© FoodBev Media Ltd 2022
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