Putin transfers Tarkett, Ontex and three foreign packaging companies’ Russian assets to temporary management under a new presidential decree.
© Alexey Druzhinin/Russian Presidential Press Service
The transfer of foreign companies’ Russian assets to temporary management is the subject of a new presidential decree signed by Russian President Vladimir Putin on October 16, according to The Times of Russia. The decision covers the Russian assets of flooring manufacturer Tarkett, personal hygiene products company Ontex, and three international packaging companies. All the assets specified in the decree have been placed under the temporary management of Management Company Center Capital LLC.
Tarkett Russian Assets Placed Under Temporary Management
Under the presidential decree, Tarkett Russian assets have been transferred to the temporary administration of Management Company Center Capital LLC.
The document specifies that 100% of the shares in the authorized capital of Tarkett Sommer LLC, previously held by Tarkett JSC, are now under temporary management.
Tarkett is an international company and one of the world’s largest manufacturers of flooring products. The decree places its specified Russian business interests under the management of the designated Russian company.
Ontex Russia Temporary Management Includes Helen Harper Brand Owner
The decree also covers Ontex Russia temporary management, bringing the Russian assets of Ontex under the administration of Management Company Center Capital LLC.
According to the document, 100% of the shares in the authorized capital of Ontex RU LLC, which were held by Ontex, have been placed under temporary management.
Ontex is a major international manufacturer of personal hygiene products. Its product range includes items for babies and women, as well as hygiene products designed to manage adult incontinence.
The company markets products under several brands, including Helen Harper, its diaper brand. The inclusion of Ontex’s Russian assets means that the decree also affects the company’s specified Russian business interests associated with its operations in the country.
Putin Decree Covers Three Foreign Packaging Companies in Russia
In addition to Tarkett and Ontex, the presidential decree places assets belonging to three foreign packaging companies in Russia under the temporary management of Management Company Center Capital LLC.
The companies named in the document are:
Georg Menshen GmbH & Co. KG, a German company.
Sonoco Packaging Netherlands Investments B.V., a Dutch company.
Sverige International Holdings AB, a Swedish company.
The decree identifies the following shareholdings and assets for temporary management:
Kappa Rus JSC: 12,565 shares previously held by Sverige International Holdings AB.
Menshen Packaging CIS LLC: A 99.71% stake and a 0.29% stake in its authorized capital, both held by Georg Menshen GmbH & Co. KG.
Eviosys Packaging Kuban LLC: A 100% stake in its authorized capital previously held by Sonoco Packaging Netherlands Investments B.V.
These specified shareholdings have been placed under the administration of Management Company Center Capital LLC in accordance with the presidential decree.
All three foreign companies are major international manufacturers operating in the packaging sector.
What the Decree Means for the Companies’ Russian Assets
The decision establishes temporary management over the specified Russian assets and shareholdings of Tarkett, Ontex, and the three packaging companies. The decree names Management Company Center Capital LLC as the entity responsible for their temporary administration.
The measures cover businesses connected to flooring, personal hygiene products, and packaging, including Tarkett Sommer LLC, Ontex RU LLC, Menshen Packaging CIS LLC, Eviosys Packaging Kuban LLC, and the shareholding in Kappa Rus JSC.
As outlined in the presidential document, the transfer concerns the identified assets and ownership stakes. The Times of Russia reports that the decree includes the Russian interests of all five foreign companies.
