Heineken Sells Russian Operation for €1
The Dutch brewer Heineken says it has now completely exited Russia by selling its operations for a symbolic euro.
The Dutch brewer Heineken says it has now completely exited Russia by selling its operations for a symbolic euro.The Dutch brewer Heineken said on Friday it had sold its operations in Russia to that country's Arnest Group for a single symbolic euro and had now completely left the territory.
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The company had already announced its intention to close down its Russian operations back in March 2022 following Moscow's invasion of Ukraine.
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It has now acknowledged that the process had taken longer than expected.
Exceptional losses
The deal was likely to leave it with exceptional losses of €300 million ($324.8 million), the company said.
Heineken is the world's second-largest brewer. It had seven breweries in Russia and 1,800 employees.
Under the deal, the latter will receive employment guarantees for the next three years.
More to follow...
tj/rc (Reuters, AFP)
(The above story first appeared on LatestLY on Aug 25, 2023 01:10 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).