‘Deeply saddened’ Heineken quits Russia
Brewer Heineken said it is leaving Russia following its invasion of Ukraine and said it will do its “utmost” to safeguard 1,800 workers.
The company, whose UK headquarters are in Edinburgh, has already announced that it has stopped new investments and exports to Russia, ended the production, sale and advertising of the Heineken brand, and announced that it will not accept any net financial benefits or profit from its business in Russia.
“We are shocked and deeply saddened to watch the war in Ukraine continue to unfold and intensify,” it said in a statement.
“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. As a result, we have decided to leave Russia.
“We aim for an orderly transfer of our business to a new owner in full compliance with international and local laws. To ensure the ongoing safety and wellbeing of our employees and to minimise the risk of nationalisation, we concluded that it is essential that we continue with the recently reduced operations during this transition period.
“In all circumstances we guarantee the salaries of our 1,800 employees will be paid to the end of 2022 and will do our utmost to safeguard their future employment.
“We will not profit from any transfer of ownership and we expect an impairment and other non-cash exceptional charges of approximately €0.4 billion in total.
“Upon completion of the transfer Heineken will no longer have a presence in Russia.
“We continue to hope that a path to a peaceful outcome emerges in the near term.”