ZURICH (News release) - Amcor announced it completed the sale of its three facilities in Russia to HS Investments, a Russian-based investor, after receiving all necessary regulatory approvals and cash proceeds, including receipt of closing cash balances. The cash and debt free consideration value is €370 million.

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 Russian business produces flexible and cartons packaging from one site in St. Petersburg and two sites in Novgorod and employs approximately 900 people. Amcor's three sites in Russia generated approximately 2% of total Amcor sales in fiscal 2022.

Cash proceeds are expected to be used primarily for debt repayment and share repurchases. The transaction is not expected to have a material impact on the outlook for fiscal 2023.