Lantmännen: signed agreements to sell Russian operations

Stockholm / SE. (lg) Sweden’s Lantmännen Group has signed agreements with buyers to divest the operations in Russia, and is now awaiting approval from Russian authorities to complete the transaction. This is a process that is mandatory under Russian law, the cooperative announced in June. In March 2022, Lantmännen’s operations in Russia were separated from the rest of the Group, as a first step in a divestment, and have since then acted completely independently. Due to reasons beyond control of the comrades, the process has taken longer than the Swedes preferred or expected. The circumstances for leaving Russia in a structured way are very complex and legislation is constantly changing. During 2022, Lantmännen’s assets in Russia were written down by a total of SEK 500 million. Investments in subsidiaries were also reclassified as associates, which means that the investments are no longer consolidated.