Dutch brewer Heineken on Friday formalized the sale of all its activities in Russia, which began in March 2022, shortly after the start of the Russian invasion of Ukraine.
“100% of the shares” of Heineken have been bought for “the sum of one euro” by Arnest, the largest Russian manufacturer of cosmetics, household items and metal packaging, the Dutch group announced in a statement. It estimated the total losses related to the operation at 300 million euros.
“Recent events illustrate the complexity large manufacturers face when exiting the Russian market. Although this process has taken much longer than initially expected, this transaction secures the future of our employees and gives us the opportunity to exit Russia responsibly. “, he added.
no return plan
Heineken was accused last February by the Dutch research site FollowTheMoney of having maintained its activities in Russia, despite the announcement in 2022 of its withdrawal.
All assets, including seven breweries located in Russia, are sold to Arnest. According to Heineken, the Russian group guarantees the employment of 1,800 local employees for the next three years.
The deal does not include any buyout clause for Heineken’s possible return to Russia, he added.
Source: BFM TV
