- The Daily Grind
- Posts
- Heineken sells its Russian business for 1 euro
Heineken sells its Russian business for 1 euro
Heineken, the known brewing company has successfully completed its departure from the Russian market. This process took an amount of time, around 18 months. It was prompted by Moscows invasion of Ukraine. In a move that attracted attention Heineken sold its operations to the Arnest Group for a symbolic price of just 1 euro resulting in a substantial financial loss of 300 million euros ($325 million).
Despite facing criticism during this period of conflict Heineken made it clear that their priority was to protect their employees. The company had announced their exit plan in March the year due to challenging business conditions. It has finally come to fruition after an extended period. CEO Dolf van den Brink expressed satisfaction that this deal ensures a transition while safeguarding the livelihoods of employees.
This sale includes all of Heineken’s assets in Russia including seven breweries. The Arnest Group has made a commitment to retain all 1,800 staff members for least three years providing them with job security. After disappearing from the market Heineken’s flagship beer will be followed by Amstel in six months time—marking the end of their presence, in Russia.