WESTMINSTER — Nearly six months after Ball Corp. (NYSE: BALL) vowed to shed its Russian assets, the can manufacturer has closed on a deal that offloads its beverage-packaging business in the country to the Arnest Group for $530 million.
Arnest is a Russian manufacturer of aerosol-packaged perfumes, cosmetics and household products.
Ball announced its intent to sell off its Russian business in March, shortly after the government in Moscow invaded neighboring Ukraine. The closure of the deal comes amid an intensification of the conflict.
“This decision is the result of many months of consideration, delivering a solution that best secures the future of Ball’s colleagues and assets in Russia. We believe this is a sound outcome for Ball in these geo-political circumstances,” Ball CEO Dan Fisher said in a prepared statement.
Ball said it doesn’t expect the Arnest deal to impact any other business units beyond Russia.