Food company Atria says it has sold its fast food business in Russia.
Atria sold its fast food business Sybil Rus LLC Russian subsidiary Cherkizovo Group to a company belonging to the Group. The store does not include the Sibylla brand.
The purchase price is approximately EUR 8 million.
Atria will record a capital gain of approximately EUR 2 million from the acquisition. In addition, a translation difference of approximately EUR 10 million is recorded from the transaction. The translation difference is recognized in profit or loss, but it has no effect on the Group’s equity or cash flow.
According to Atria, the company now sold has accounted for about two percent of the Group’s net sales and its impact on the company’s operating result is profitable. The fast food business is reported in the Atria Sweden segment.
The announcement of the divestment of the fast food business in Russia did not come as a surprise, as the company announced in March its intention to divest its business in Russia. Numerous Finnish companies have said they will stop doing business in Russia after Russia launched an attack on Ukraine in late February.