{"id":53563,"date":"2023-08-27T08:58:17","date_gmt":"2023-08-27T12:58:17","guid":{"rendered":"https:\/\/ifintechworld.com\/investing\/heineken-is-the-latest-western-corporate-giant-to-exit-russia\/"},"modified":"2023-08-27T08:58:19","modified_gmt":"2023-08-27T12:58:19","slug":"heineken-is-the-latest-western-corporate-giant-to-exit-russia","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=53563","title":{"rendered":"Heineken is the latest Western corporate giant to exit Russia"},"content":{"rendered":"
\n

Beer giant Heineken N.V. is the latest Western company to exit Russia, announcing Friday the sale of its Russian operations to Arnest Group for one euro.<\/p>\n

Under the terms of the deal, all of Heineken\u2019s
\n HEIA,
\n +0.77%<\/bg-quote>
\n remaining assets, including seven breweries in Russia, will transfer to the new owners, the beer giant said in a statement. The Russian Arnest Group has also taken over responsibility for Heineken\u2019s 1,800 employees in Russia.<\/p>\n

\n

Heineken began the process of exiting Russia in March 2022, following that country\u2019s invasion of Ukraine. The company said it expects to incur a total cumulative loss of \u20ac300 million ($324.1 million) as a result of its exit.<\/p>\n

\u201cWe have now completed our exit from Russia. Recent developments demonstrate the significant challenges faced by large manufacturing companies in exiting Russia,\u201d Heineken CEO Dolf van den Brink said in a statement. \u201cWhile 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.\u201d<\/p>\n

Related: <\/strong>Unilever CEO vows to look at Russian operations with \u2018fresh eyes\u2019 as pressure to exit the country mounts<\/p>\n

A number of major Western corporations, including U.S. giants Apple Inc.
\n AAPL,
\n +1.26%<\/bg-quote>,<\/span>
\n \u00a0Alphabet Inc.\u00a0
\n GOOGL,
\n +0.08%<\/bg-quote><\/p>\n

GOOG,
\n +0.21%<\/bg-quote>,<\/span>
\n \u00a0Amazon.com Inc.
\n AMZN,
\n +1.08%<\/bg-quote>,<\/span>
\n \u00a0International Business Machines\u00a0 Corp.\u00a0
\n IBM,
\n +1.25%<\/bg-quote>
\n and McDonald\u2019s Corp.\u00a0
\n MCD,
\n +0.79%<\/bg-quote>,<\/span>
\n have left Russia\u00a0in response to Moscow\u2019s February 2022 invasion of Ukraine.<\/p>\n

Earlier this week, DP Eurasia, the master franchiser of the Domino\u2019s Pizza Inc.
\n DPZ,
\n +0.49%<\/bg-quote>
\n brand in Turkey, Russia, Azerbaijan and Georgia, also announced its exit from Russia.<\/p>\n

But Heineken is \u201cno hero,\u201d according to Mark Dixon, the founder of the\u00a0Moral Rating Agency, an organization set up after the invasion of Ukraine to examine whether companies were carrying out their promises of\u00a0exiting Russia. \u201cIt failed to leave Russia for a year and a half,\u201d he told MarketWatch via email. \u201cThe\u00a0explanation that it took longer than expected doesn\u2019t hold water, because of course it\u2019s difficult to find a buyer if you remain so long a pariah state.\u201d<\/p>\n

The Ukraine Solidarity Project said that Heineken\u2019s move should increase the pressure on companies that remain in Russia, such as consumer-goods giant Unilever PLC
\n ULVR,
\n +0.44%<\/bg-quote>.<\/span>
\n \u201cThe point here is that major companies, like @Heineken, are and have taken loses of hundreds of millions and billions in leaving the Russian market. It is possible,\u201d the Ukraine Solidarity Project tweeted Friday. \u201cWe\u2019re sure @Unilever can do it, too.\u201d<\/p>\n

Related:\u00a0<\/strong>WeWork, Carl\u2019s Jr., Unilever and Shell among companies slammed by Yale over operations in Russia<\/p>\n

The Ukraine Solidarity Project recently launched a high-profile campaign urging Unilever to get out of Russia, using images of Ukrainian veterans injured in the war with Russia. Last month, activists from the Ukraine Solidarity Project held up a giant poster featuring the veterans outside Unilever\u2019s London headquarters.<\/p>\n

The\u00a0Moral Rating Agency\u00a0has also reiterated its calls\u00a0for Unilever to end its Russian operations.\u00a0<\/p>\n

\u201cWe have always said we would keep our position in Russia under close review,\u201d a Unilever spokesperson told MarketWatch earlier this month. The spokesperson also directed MarketWatch to a statement\u00a0on the war in Ukraine that the company released in February 2023.<\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Beer giant Heineken N.V. is the latest Western company to exit Russia, announcing Friday the sale of its Russian operations to Arnest Group for one euro. Under the terms of the deal, all of Heineken\u2019s HEIA, +0.77% remaining assets, including seven breweries in Russia, will transfer to the new owners, the beer giant said in […]<\/p>\n","protected":false},"author":1,"featured_media":53564,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[239],"tags":[83],"class_list":["post-53563","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-investing","tag-featured","post_format-post-format-video"],"yoast_head":"\nHeineken is the latest Western corporate giant to exit Russia | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Beer giant Heineken N.V. is the latest Western company to exit Russia, announcing Friday the sale of its Russian operations to Arnest Group for one euro.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link 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