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Ball Corp sells Russian business to Arnest Group for $530 million

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(Reuters) - Ball Corp said on Wednesday that it has completed the sale of its beverage packaging business in Russia to Arnest Group for $530 million.

In March, the sustainable metal packaging maker reduced operations at its three manufacturing facilities in Russia immediately after the country's invasion of Ukraine and were looking to pursue a sale of its Russian business to a new owner.

The company said Arnest Group, a manufacturer of perfume, cosmetic and household products in aerosol packaging in Russia, has acquired all of Ball's Russia-based business and the sale is not expected to impact the company's business outside of Russia.

"We believe this is a sound outcome for Ball in these geo-political circumstances," said Dan Fisher, Ball's chief executive officer.

Earlier on Wednesday, Russian President Vladimir Putin ordered his country's first wartime mobilization since World War Two, shocking citizens with what Western countries described as an act of desperation in the face of a losing war.

(Reporting by Ananya Mariam Rajesh in Bengaluru; Editing by Shailesh Kuber)