Amcor plc has sold off the company's operations based in Russia in a move prompted by that country's invasion of Ukraine.
Amcor received 370 million euros ($392 million) from HS Investments, described by Amcor as a Russian-based investor.
"This follows Amcor's previously announced decision to pursue the orderly sale of its Russian business while continuing to support its people and customers as well as preserving value for shareholders," the company said in announcing the sale.
Amcor's former businesses make flexible packaging and cartons at one site in St. Petersburg and two sites in Novgorod. About 900 people work at the three sites, which accounted for about 2 percent of Amcor's sales in fiscal year 2022, the company said.
Amcor will use proceeds from the pay down debt and buy back shares in the publicly traded company. The company said the move "is not expected to have a material impact on the outlook for fiscal 2023."
Amcor, which operated in Russian for more than 20 years, is a $15 billion global plastic packaging company that had 44,000 employees and 220 locations in 43 countries in fiscal 2022.
The company previously limited production at the three sites in Russia by suspending new projects and investments in that country. The company discontinued exports from Russia and said it was going to focus on existing multinational customers.
Amcor CEO Ron Delia has said the three plants accounted for about 4 to 5 percent of the company's earnings before interest and taxes.
