CANPACK Group, Inc. (CPG) has been advised that its operations in Russia have been placed under temporary external administration by Presidential Decree. 

For three decades, CANPACK’s Russian operations have consistently provided high-quality packaging products for the local market and good jobs for its over 500 Russian employees. 

Throughout this period, CPG has adhered to all applicable laws, rules and regulations while remaining committed to continuing its operations in Russia as well as to its Russian employees and clients. 

As such, CPG currently lacks understanding as to why the authorities have placed its operations in Russia under external administration. 

CPG 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. CPG will publish material updates as they may become available. 

We will update this story, as more becomes available.