Finnish Metsä Group sells all of its subsidiaries in Russia
The Finnish Metsä Group has sold its subsidiaries in Russia (photo: Getty Images)
The Finnish forestry company Metsä Group has announced the sale of all its subsidiaries in Russia, according to the company's press service.
As stated by the company, on May 13, Metsä Group completed a transaction in which VLP Group acquired ownership of the group's subsidiaries:
- Metsä Svir LLC;
- Metsä Forest St. Petersburg LLC;
- Metsä Forest Podporozhye LLC;
- Metsä Board Rus LLC.
The parties agreed not to disclose the transaction price.
The Finnish company Metsä Group owned a minority stake in VLP Group from 2003 to 2017. However, in 2022, Metsä Group ceased its operations in Russia, including the operation of the Svir sawmill and timber harvesting and sale of cardboard.
As a result of the completed transaction, Metsä Group no longer owns any assets in Russia.
Finland-Russia relations
In 2023, Finland faced migrants arriving at its border from Russia, primarily from Somalia and Iraq.
As a result, Finland decided to close its border with Russia.
Later investigations revealed that the influx of migrants at the Finnish border was orchestrated by Russian special services.
