Posti Group has announced it has completed the divestment of companies forming the Itella Russia business group to the international logistics services provider Tablogix.
The divestment of Itella Russia supports Posti’s strategy of seeking growth from its parcel and e-commerce as well as logistics businesses in the Nordic and Baltic countries. The parties have agreed not to disclose the transaction price.
After the divestment, Posti has no operations in Russia.
Itella Russia focuses on contract logistics and transportation with warehousing and freight services in Russia’s major economic regions. In 2020, the business group generated net sales totalling €58.3m, or approximately 4% of Posti’s net sales. Its adjusted EBITDA was €12.6m. Itella Russia has a total of approximately 1,000 employees, who will transfer to the employment of the new owner.
Jussi Kuutsa, President of Itella Russia, will leave his position as member of the Leadership Team of Posti Group.
President and CEO of Posti Group Turkka Kuusisto commented: “There continues to be significant uncertainty regarding general market development in Russia, and we do not find synergies between our Russian operations and Posti’s other business groups. Therefore, we concluded that Posti is not the best owner for the Russian operations, and we have decided to divest this business group”.
Itella Russia has been reported as a separate segment in Posti Group’s financial reporting. Following the divestment, Posti will report Itella Russia as discontinued operations and will adjust the 2020 and 2021 consolidated income statements and key figures accordingly.
The transaction is not expected to have impact on Posti Group’s outlook for 2021.
Source: Posti Group
