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Finnish firm Atria Plc Company has just announced that it has entered into an agreement to sell its Russian subsidiary OOO Pit-Product.
According to Atria’s press release, the company has investigated various ways of developing its Russian business and has now entered into an agreement to sell OOO Pit-Product to Limited Liability Company Agricultural Complex Mikhailovskiy, member 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 OOO Pit-Product since 2005 and at the end of 2020 it employed around 700 employees. The company manufactures food products for retail and foodservice, operating two plants – Gorelovo and Sinyavino.
The deal is estimated to close during the first half of 2021, subject to approval by the Russian Competition Authority. The final purchase price will be determined at the closing of the transaction.
Source: Atria press release
