- Brewing Giant, Heineken NV (OTC:HEINY) has decided to exit its Russian business. The company expects an impairment and other non-cash exceptional charges of €0.4 billion (~$439 million) in total.
- The company has previously said it would halt only new investments and exports to the country.
- “Following the previously announced strategic review of our operations, we have concluded that HEINEKEN’s ownership of the business in Russia is no longer sustainable nor viable in the current environment,” the company said in a statement.
- Heineken has assured to pay the salaries of 1,800 employees till the end of 2022.
- The Dutch company follows a slew of global corporations halting their operations in Russia following the country’s invasion of Ukraine.
- The exit is likely to put pressure on its Danish rival, Carlsberg A/S (OTC:CABGY) which owns Russia’s biggest brewer, Baltika, Reuters reported.
- Price Action: HEINY shares closed lower by 0.24% at $48.15 on Friday.
- Photo by suLee via Pixabay
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