Heineken Completes , 1-Euro Sale , of Russian Operations .
On August 25, Heineken said the brewer's
exit from Russia has finally been completed.
Reuters reports that the Dutch
brewer sold its Russian operations to
Arnest Group for a symbolic single euro.
Reuters reports that the Dutch
brewer sold its Russian operations to
Arnest Group for a symbolic single euro.
According to the world's second-largest
brewer, the deal was expected to come
with exceptional losses of $324.8 million. .
According to the world's second-largest
brewer, the deal was expected to come
with exceptional losses of $324.8 million. .
In March of 2022, Heineken
announced its plans to exit Russia
following the invasion of Ukraine. .
In March of 2022, Heineken
announced its plans to exit Russia
following the invasion of Ukraine. .
Reuters reports that the brewer
has acknowledged that the process
took longer than expected. .
Recent developments demonstrate
the significant challenges faced
by large manufacturing
companies in exiting Russia, Dolf van den Brink, Heineken CEO, via Reuters .
Due to unprecedented sanctions imposed on
Russia by the West, numerous multinational
companies have sought to leave Russia. .
Due to unprecedented sanctions imposed on
Russia by the West, numerous multinational
companies have sought to leave Russia. .
Fellow brewer Anheuser-Busch InBev
is among the major companies to announce
plans to abandon joint ventures in Russia. .
Fellow brewer Anheuser-Busch InBev
is among the major companies to announce
plans to abandon joint ventures in Russia. .
In July, Russian President Vladimir Putin
signed a decree taking control of French
yogurt maker Danone's Russian subsidiary.
In July, Russian President Vladimir Putin
signed a decree taking control of French
yogurt maker Danone's Russian subsidiary.
At the same time,
the government took control
of beer company Carlsberg's
stake in a local Russian brewery. .
Reuters reports that Heineken operated seven breweries
in Russia, employing some 1,800 people who received
work guarantees for the next three years. .
Reuters reports that Heineken operated seven breweries
in Russia, employing some 1,800 people who received
work guarantees for the next three years.