Smurfit Kappa takes financial hit of over €100m as it sells Russian assets

The Irish business moved to offload its operations in the country following the invasion of Ukraine

Tony Smurfit, the CEO of Smurfit Kappa. The company announced its withdrawal last April. Picture: Simon Dawson/Bloomberg

Smurfit Kappa has recorded a financial hit of €128 million following its withdrawal from the Russian market.

The company confirmed in a statement that it has sold its operations in the country to local management.

The move comes almost exactly a year after Smurfit Kappa first announced its plans to leave Russia.

In April 2022, the business said it would leave the country, along with a slew of other multinationals, in a mass corporate boycott ...