Russian government takes ‘temporary' control of Canpack operations [Yahoo! Finance]
International Paper Company (IP)
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Source: Yahoo! Finance
The Russian government has seized control of assets in that country owned by Canpack, a metal canmaker with corporate offices in Wayne, Pennsylvania, and Krakow, Poland. Canpack's operations have been put under “temporary external administration by Presidential Decree,” according to a company news release. Canpack said in the release that it doesn't understand the government's action because it has operated in Russia for 30 years in adherence with all regulations, and it has provided jobs for more than 500 Russian employees. Canpack also said it is “assessing the legal, operational and financial consequences of the government's action, and intends to take all appropriate measures that may be available in order to protect its rights, ownership of its assets, continuity of its operations, and the welfare of its employees.” A wave of global companies discontinued operations in Russia following the latter country waging its ongoing war on Ukraine starting in 2022. Packaging manufac
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