RUSSIA (News release) -- The hygiene and health company Essity divests its operations in Russia. Essity has signed an agreement with a buyer and the transaction has now been approved by the Russian authorities. The transaction is expected to be finalized during the second quarter of 2023.

Essity began work in April 2022 to exit the Russian market and in 2022 an impairment was carried out of the company's assets in Russia of approximately SEK 1.7bn.

In 2022, Essity's net sales in Russia amounted to approximately 2% of the Group's total net sales.

The total earnings impact will be reported when the transaction is finalized but is not expected to have a material financial impact.