Heineken sells Russian enterprise for €1 at lack of £256m

Aug 25, 2023 at 6:50 PM

rewing large Heineken has accomplished its exit from Russia, roughly 18 months after the invasion of Ukraine.

The Dutch agency, which additionally makes Amstel and Birra Moretti beers, stated it has now secured the sale of the enterprise, which incorporates seven breweries, to Russian firm Arnest Group for 1 euro.

It stated it expects to incur a complete lack of 300 million euro (£256 million) consequently.

Bosses on the brewer admitted it “took much longer than we had hoped”, after it confronted criticism for the sluggish tempo of its exit within the wake of the outbreak of battle.

Heineken had insisted it was looking for to take care of its native workers in Russia.

In March final yr, it stated it was quitting Russia because the enterprise there was “no longer sustainable nor viable in the current environment”, however added it needed to make sure an “orderly transfer” to a brand new proprietor.

Dolf van den Brink, Heineken’s chief government and chairman, stated: “We have now completed our exit from Russia. Recent developments demonstrate the significant challenges faced by large manufacturing companies in exiting Russia.

“While it took much longer than we had hoped, this transaction secures the livelihoods of our employees and allows us to exit the country in a responsible manner.”