AssetID: 52987023
Headline: UNCAPTIONED: Heineken Completes 1-Euro Sale of Russian Operations
Caption: Heineken Completes 1-Euro Sale of Russian Operations. On August 25, Heineken said the brewer's exit from Russia has finally been completed. Reuters reports that the Dutch brewer sold its Russian operations to Arnest Group for a symbolic single euro. According to the world's second-largest brewer, the deal was expected to come with exceptional losses of $324.8 million. In March of 2022, Heineken announced its plans to exit Russia following the invasion of Ukraine. Reuters reports that the brewer has acknowledged that the process took longer than expected. Recent developments demonstrate the significant challenges faced by large manufacturing companies in exiting Russia, Dolf van den Brink, Heineken CEO, via Reuters. Due to unprecedented sanctions imposed on Russia by the West, numerous multinational companies have sought to leave Russia. Fellow brewer Anheuser-Busch InBev is among the major companies to announce plans to abandon joint ventures in Russia. In July, Russian President Vladimir Putin signed a decree taking control of French yogurt maker Danone's Russian subsidiary. At the same time, the government took control of beer company Carlsberg's stake in a local Russian brewery. Reuters reports that Heineken operated seven breweries in Russia, employing some 1,800 people who received work guarantees for the next three years. THIS VIDEO MUST NOT BE EDITED FOR LENGTH TO COMBINE WITH OTHER CONTENT
Keywords: Heineken,completes,1-euro,sale,Russian,operations,war,Ukraine,officials,Dutch brewer,beer,alcohol,symbolic single Euro,exit,country,breweries
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