Finnish firm Atria has announced that it has entered into an agreement to sell its Russian food subsidiary Pit-Product.
In a press release, Atria said it had investigated various ways of developing its Russian business and has now entered into an agreement to sell Pit-Product to Agricultural Complex Mikhailovskiy, part of the Cherkizovo Group.
Cherkizovo is claimed to be Russia’s largest manufacturer of meat products and has been listed on the Moscow Stock Exchange since 2006.
Atria has owned Pit-Product since 2005 . The company manufactures food products for retail and foodservice, operating two plants in Gorelovo and Sinyavino employing around 700 staff as of the end of 2020.
The deal is estimated to close during the first half of 2021, subject to approval by Russian competition authorities. The final purchase price will be determined at the closing of the transaction.