The Austrian cartonboard and folding cartons producer’s sites in St. Petersburg and Pskov have been sold for around €134m (£117m) to local investor Granelle following approval by the governmental authorities.

In 2021 the two plants generated combined sales of around €124m. The transaction is expected to have a neutral impact on Mayr-Melnhof Group’s net profit.

Earlier this year Essentra sold its Packaging division to Mayr-Melnhof Group in a deal worth over £300m.