Sweden-based health and hygiene company Essity has announced the divestment of its Russian operations. The company has confirmed that a deal has been signed with a buyer, and approval has been granted by Russian authorities. The transaction is anticipated to be completed in the second quarter of 2023.

This decision follows Essity's move to withdraw from the Russian market, initiated in April 2022, which led to an impairment of the company's assets in Russia of approximately Swedish Krona (SEK) 1.7 billion, the company said in a press release.

In 2022, Essity's net sales in Russia represented roughly 2 per cent of the group's total net sales. The company has stated that the total impact on earnings from this transaction will be reported once the deal is finalised, but it is not expected to significantly affect the company's financials.