Heineken suffers huge loss after selling Russia business for €1 By Proactive Investors

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Heineken suffers huge loss after selling Russia business for €1

Published Aug 25, 2023 11:34 Updated Aug 25, 2023 13:11

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Proactive Investors - Heineken NV (LON:0NBD) has sold its Russian business to native manufacturing company Arnest Group for €1, incurring a total loss of €300 million (£256 million), a company statement revealed.

Initiating the sales process in March last year, when the Ukraine war began, the sale means Russia’s largest manufacturer of cosmetics, household goods and packaging will take over seven Heineken breweries and any other remaining assets.

Taking responsibility for Heineken's 1,800 Russian workers, Arnest Group said it would provide employment guarantees for the next three years.

Having stopped the Heineken brand from being sold and produced in the country last year, production of Amstel, one of the group’s leading brands, will now be phased out over the next six months.

“No other international brands will be licensed in Russia with the exception of a 3-year licence for some smaller regional brands which are required to ensure business continuity and secure transaction approval. Heineken will provide no brand support and will receive no proceeds, royalties or fees from Russia,” the Dutch brewer added.

Shares in Heineken jumped half a percent on Friday on the back of the news, having opened trading at a little over €88.6.

Read more on Proactive Investors UK

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