On Wednesday, September 21, Ball Corporation declared that it completed the sale of all its beverage packaging business in Russia to Arnest Group for $530 million to divest from the Russian market.
Ball said Arnest Group, the largest manufacturer of aerosols in Russia and CIS countries, has purchased all of Ball’s Russian business. However, the sale is not likely to affect Ball’s business out of Russia by any means.
"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. We believe this is a sound outcome for Ball in these geo-political circumstances," said Dan Fisher, president and CEO Ball Corporation.
In March, Ball Corporation curtailed operations across all its three manufacturing facilities in Russia as soon as the latter invaded Ukraine and started looking for a new owner to sell all of its Russia-based business. Three of the Russian plants used to collectively produce 5.6 billion cans each year, representing four per cent of the company’s total net assets.
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