The manufacturer of Zewa and Libresse finally left Russia, selling its business for $117 million

The Swedish company Essity, which owns the brands Libero, Libresse and Zewa, has finally left the Russian market, having completed the sale of its business in Russia for 1.2 billion Swedish kronor (about $117 million), the company said in a press release.

“From the very beginning of Russia’s war against Ukraine, we have been completely focused on leaving Russia. Today we have completed the sale of our business after a long and difficult process,” said CEO Magnus Groth.

As noted, the Russian assets of Essity were bought by New Technologies LLC, the main owner of which is Igor Shilov.

• Essity, which owns about 70 brands, announced its withdrawal from Russia in April 2022 due to "deteriorating business conditions." In June 2023, it became known that the company signed an agreement to sell Russian assets: Essity owned three factories, and 1,300 people worked in the Russian division of the company. At the same time, Essity noted that in 2022, the net revenue of the Russian business was about 2% of the company's total revenue.