Dutch multinational brewer said it is taking €300m loss from transfer of assets to Russian Arnest Group
with the sale of its operations there for a symbolic €1, after Moscow clamped down on asset sales in retaliation for western sanctions.as a result of the sale, which will see it transfer all of its remaining assets, including seven breweries, to Russia’s Arnest Group.UK craft brewer Beavertown, faced criticism for the slow pace of its exit in the wake of the invasion of Ukraine, but had insisted it was seeking to look after its 1,800 employees in Russia.
Arnest Group owns a major can packaging business and is Russia’s largest manufacturers of cosmetics, households goods and metal packaging for the fast-moving consumer goods sector. Arnest has agreed to guarantee the employment of Heineken’s local staff for three years as part of the deal, which the Dutch company said “took much longer” than hoped.
“We have now completed our exit from Russia,” Heineken’s chief executive and chair, Dolf van den Brink, said. “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.
Western companies have been hampered by rules, introduced by the Kremlin last year, that force firms to get approval from Russia’s finance ministry before selling any assets. The process can take anywhere from six to 12 months, and can be more burdensome for key sectors like oil and banking, which need personal approval from the president, Vladimir Putin.
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