Foodstuffs Atria succeeded in a difficult task: Sell its operations in Russia for millions

Food company Atria says that it has sold its fast food business in Russia to the Russian meat house Sibylla Rus to the Cherkizovo Group.

The purchase price is approximately EUR 8 million. The deal does not include the Sibylla brand, Atria says in a press release.

Atria will record a capital gain of approximately EUR 2 million from the acquisition. In addition, a translation difference of approximately EUR 10 million is recorded from the transaction. The translation difference is formed by the exchange rate changes during Sibylla Rus’ ownership.

The turnover of Atria’s fast food company operating in Russia has been about two percent of Atria’s total turnover, and according to Atria, the business has been profitable.

Atria said in March it was withdrawing from the fast food business in Russia “due to the changed geopolitical situation”.

Cherkizovo has previously acquired Atria’s businesses in Russia. Last year, Atria sold its Russian subsidiary Pit-Product to Cherkizovo.

Pit-Product manufactures products for retail and food service customers at its Gorelovo and Sinyavino plants. Atria said that its business was unprofitable.