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Aspo updates the situation of its Russian operations: Leipurin to withdraw from the Eastern market, ESL Shipping’s Russian transports ending, Telko continues to review strategic options

Written by Customer Service on . Posted in Public Companies.

Aspo Plc
Inside information
April 22, 2022 at 1 p.m.

Aspo updates the situation of its Russian operations: Leipurin to withdraw from the Eastern market, ESL Shipping’s Russian transports ending, Telko continues to review strategic options

Aspo has decided to withdraw from Leipurin’s operations in Russia, Belarus and Kazakhstan. Leipurin is exploring strategic options regarding these operations, including the possible sale of the businesses. The exact schedule and implementation of the process will be evaluated and implemented taking into account the company’s employees, customers and local legislation. Leipurin’s operations in these three countries accounted for approximately 5% of Aspo Group’s net sales in 2021, and Leipurin has approximately 90 employees in these countries. Leipurin will continue to operate in Ukraine.

As previously reported, the majority of ESL Shipping’s operations in Russia have been suspended and the ship capacity has been transferred to other traffic areas. All transports related to Russia are estimated to end by the end of the year. The schedule is dependent on the obligations of existing customer agreements.

As previously announced, Telko continues to focus on selling the still existing inventories in Russia. Since the outbreak of the war in Ukraine, Telko’s capital tied up in inventories and receivables in Russia has decreased by approximately 30 percent. Telko’s conditions for continuing to operate in Russia have weakened significantly, and the tightened sanctions have accelerated the adjustment of operations. The review of strategic options is actively continued.

Aspo’s management closely monitors the progress of the crisis and its effects, and evaluates and implements possible additional measures on a business-by-business basis. Aspo will publish its interim report for the first quarter of 2022 on Wednesday, May 4, 2022.

Aspo Plc

Rolf Jansson
CEO

Further information, please contact:

Rolf Jansson, CEO, Aspo Plc, +358 400 600 264, rolf.jansson@aspo.com

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Aspo creates value by owning and developing business operations sustainably and in the long term. Our companies aim to be market leaders in their sectors. They are responsible for their own operations, customer relationships and the development of these aiming to be forerunners in sustainability. Aspo supports its businesses profitability and growth with the right capabilities. Aspo Group has businesses in 18 different countries, and it employs a total of approximately 960 professionals.

 

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