Heineken has sold its business in Russia for one euro more than a year after it vowed to pull out of the country in response to Russia’s invasion of Ukraine.
The Dutch brewer is taking a €300 million loss, or roughly $325 million, by selling its business to Russian manufacturer Arnest Group, making Heineken one of the latest companies to pull out of Russia since the start of the war in Ukraine in February 2022.
Heineken had faced criticism for the slow pace of its exit, which CEO Dolf van den Brink attributed to the company’s efforts to protect its Russian employees during the sale process.
“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,” he said in a statement on Friday.
More than 1,000 global companies have withdrawn or voluntarily curtailed operations in Russia so far, according to Yale University data.
The reality of exiting Russia is tougher than it may appear. Moscow has imposed increasingly stringent requirements for foreign businesses to exit the country after facing tough sanctions and the beginning of an exodus of companies last year.
The Russian government requires foreign companies to provide a 50% on their businesses after government-selected consultants value them, Reuters reported. It also requires foreign companies to contribute of 10% of their business’ sale price to the Russian budget.
Heineken’s sale covers all of its assets in Russia, including seven breweries. The company said that Arnest has guaranteed the employment of Heineken’s 1,800 local staff for three years.
Heineken brand beer was removed from the Russian market last year. One of its other major brands, Amstel, will be phased out within six months, the company said.
The brewery isn’t the only company to swallow big losses from bowing out of the Russian market. Last year, McDonalds said it expected to lose more than $1 billion to divest its Russia business.
The Associated Press contributed reporting.
Thanks for reading CBS NEWS.
Create your free account or log in
for more features.
Source link
Reach Out
Don’t hesitate to reach out to us to discuss your specific needs. Our team is ready and eager to provide you with tailored solutions that align with your firm’s goals and enhance your digital marketing efforts. We look forward to helping you grow your law practice online.
Our Services:
Blog Post Writing
We do well-researched, timely, and engaging blog posts that resonate with your clientele, positioning you as a thought leader in your domain.
Content Writing
Beyond articles and content for blogs, we delve into comprehensive content pieces like eBooks, and case studies, tailored to showcase your expertise.
Website Content Writing: First impressions matter. Our content ensures your website reflects the professionalism, dedication, and expertise you bring to the table.
Social Media Management
In today’s interconnected world, your online presence extends to social platforms. We help you navigate this terrain, ensuring your voice is consistently represented and heard.
WordPress Website Maintenance
Your digital office should be as polished and functional as your physical one. We ensure your WordPress site remains updated, secure, and user-friendly.
For more information, ad placements in our attorney blog network, article requests, social media management, or listings on our top 10 attorney sites, reach out to us at seoattorneyservices@gmail.com.
Warm regards,
Canyon Crest Guide Newspaper
Whether you're a startup or an established brand, business directories offer an affordable, yet powerful tool to elevate your brand recognition and reach. Sign up, stand out, and let your business soar to new heights, sign up to one of our directory websites:
Canyon Crest Directory
Riverside Ca Business Directory
The Riverside Coupon Directory
Newspaper Ads Canyon Crest CA
Click To See Full Page Ads
Click To See Half Page Ads
Click To See Quarter Page Ads
Click To See Business Card Size Ads
If you have questions before you order, give me a call @ 951-235-3518
or email @ canyoncrestnewspaper@gmail.com
Canyon Crest Guide
5225 Canyon Crest Drive Ste.71 #854 Riverside CA 92507
Tony Ramos 951-235-3518
For great backlinks to your website sign up to one of our directory websites:
Canyon Crest Directory
Riverside Ca Business Directory
The Riverside Coupon Directory
