Heineken has announced the sale of assets in Russia. The buyer was the largest manufacturer of perfumes, cosmetics and household products in aerosol packaging from Stavropol, writes Forbes.
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The press service of the Dutch brewing company announced that it had completed the sales deal.
A 100% stake in Heineken in Russia (OOO United Brewery Heineken) was sold for just 1 euro, the company said in a press release. But the buyer will have to repay the intra-group debt of the Russian business to Heineken in the amount of about 100 million euros.
According to Heineken, the sale of Russian assets will bring “an expected total cumulative loss of 300 million euros.”
Unlike other major international companies (such as Renault-Nissan), the deal does not include a buyback. The new owner will get all Heineken assets remaining in Russia, including seven breweries.
The buyer was the Arnest group, a manufacturer of perfumes, cosmetics and household products in aerosol packaging. Its products include disinfectants, antiperspirants, air fresheners and dichlorvos.
In March last year, after the outbreak of war in Ukraine, Heineken announced that it was halting operations in Russia. Later, one of the largest beer producers in the world decided to leave Russia completely and transfer the Russian business to a new owner. The process eventually dragged on until the end of the summer of 2023.
The production of beer under the Heineken brand in Russia was stopped in the spring of 2022, and now the production of beer under the Amstel brand will be stopped within six months. Only Russian brands from the Heineken portfolio remain.
Another major brewing company, Carlsberg, which was about to sell the Russian business, was unable to do so, as Russian dictator Vladimir Putin transferred its assets to the management of the Federal Property Management Agency.
After that, in late July, Heineken warned about the conditions of the complicated conditions for exiting Russian assets amid “recent events”, recalling that its application for approval of a deal to sell assets in Russia was awaiting approval from the authorities.
Source: Racurs
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