Packaging firm Ball Corp said on Wednesday that it has completed the sale of its beverage packaging business in Russia to Arnest Group for $530 million.
In March, the sustainable metal packaging maker reduced operations at its three manufacturing facilities in Russia immediately after the country's invasion of Ukraine and were looking to pursue a sale of its Russian business to a new owner.
The company said Arnest Group, a manufacturer of perfume, cosmetic and household products in aerosol packaging in Russia, has acquired all of Ball's Russia-based business and the sale is not expected to impact the company's business outside of Russia.
Dan Fisher, Ball's chief executive officer, said, "This decision is the result of many months of consideration, delivering a solution that best secures the future of Ball's colleagues and assets in Russia. We believe this is a sound outcome for Ball in these geo-political circumstances."
In March of this year, the company said that it has commenced construction on a new can-making facility in Kettering, in the UK, as demand for recyclable aluminium drinks cans is on the rise.
The packaging firm announced that it has entered into a ‘virtual power purchase agreement’, under which it will purchase 151 megawatts of wind energy from a subsidiary of NextEra Energy Resources, LLC.
Ball’s portion of the project aims to annually produce 600,000 megawatt hours of clean energy. The wind energy centre will be owned and operated by a subsidiary of NextEra Energy Resources and located in West Texas.