MANTSINEN GROUP CONCLUDES WITHDRAWAL FROM RUSSIA

MANTSINEN GROUP CONCLUDES WITHDRAWAL FROM RUSSIA

One of Mantsinen Group’s significant subsidiaries, OOO Mantsinen, primarily engaged in logistics services, was sold on December 13, 2023, to the company’s CEO, Artur Moshnikov, and his 100% owned OOO Podryad. The parties have agreed not to disclose the sale price or other conditions of the agreement. The company will continue its operations under a new name.

The smaller company, OOO Mantsinen Machinery, the distributor of material handling equipment in Russia, was entirely closed during the year 2023. The official shutdown process with authorities will continue in 2024. Mantsinen ceased all exports to Russia immediately after the start of the military conflict in February 2022.

Mantsinen Group’s CEO, Mia Mantsinen, mentioned that the continually tightening sanctions and regulatory measures on both sides of the border made the sales process slower and more challenging than anticipated. Mia also noted that securing the financial transactions was a challenging task, where the role of right partners was crucial in finding workable solutions. “We are extremely pleased that, especially the sales process of OOO Mantsinen, has been finalized.” Mia added.

Following the withdrawal, Mantsinen Group will discontinue its operations in Russia. After this change, the group’s sole subsidiary is Mantsinen Sverige Ab in Sweden.

For more information:

Mia Mantsinen

CEO

Mantsinen Group Ltd Oy

0400 378 880

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