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    World

    Heineken completes Russian exit with symbolic sale to Ernest Group for €1

    Heineken completes Russian exit with symbolic sale to Ernest Group for €1

    Heineken, the Dutch brewing company, announced on August 25 that it has divested its operations in Russia to the Arnest Group of Russia for a nominal sum of 1€, effectively completing its withdrawal from the region, DW reports.

    Описание
    Source: Reuters

    Back in March 2022, Heineken had initially declared its intention to shutter its business activities in Russia due to Moscow's invasion of Ukraine. However, the process took longer than anticipated.

    Heineken's CEO, Dolf van den Brink, acknowledged the extended timeline, stating, "Recent developments highlight the substantial difficulties faced by large manufacturing firms in exiting Russia."

    Addressing concerns about the gradual exit, Heineken had previously stated its commitment to safeguarding the well-being of its local workforce in Russia. The agreement is projected to result in extraordinary losses amounting to approximately €300mn ($324.8mn) for Heineken. As the world's second-largest brewing company, Heineken had maintained seven breweries in Russia and employed around 1,800 individuals.

    Antiperspirants produced by Arnest Group.
    Source: Arnest Group

    Under the terms of the deal, these employees will receive job assurances for the next three years. The Heineken brand ceased its presence in the Russian market last year, and the production of Amstel beers is slated to be phased out within a six-month period. The Arnest Group, a major Russian conglomerate specializing in cosmetics, household products, and metal packaging, emerged as the acquiring party in this transaction.

     

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    26.08.2023, 16:03   Comments (0)   1508
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