THE WHAT? Ball Corporation has announced the completion of the sale of its beverage packaging business in Russia to Arnest Group for US$350 million.

THE DETAILS Arnest is the largest manufacturer of perfume, cosmetic and household products in aerosol packaging in Russia. The closing of the transaction is not subject to any conditions, and all required approvals have been obtained. The sale is not expected to impact Ball’s businesses outside of Russia.

THE WHY? The sale follows Ball Corporation’s decision to exit the Russian market earlier this year. “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,” said Dan Fisher, president and CEO Ball Corporation.