Recent Quotes View Full List My Watchlist Create Watchlist Indicators DJI Nasdaq Composite SPX Gold Crude Oil Hydroworld Market Index Markets Stocks ETFs Tools Overview News Currencies International Treasuries Heineken sells Russian operations for €1 By: FOX Business August 25, 2023 at 08:30 AM EDT Dutch beer manufacturer Heineken has pulled out of Russia after selling its production facilities for a symbolic €1. Dutch beer manufacturer Heineken has packed up and left the Russian market.Heineken announced the decision Friday, noting that it was selling its assets for a symbolic €1."The transaction has received all the required approvals and concludes the process Heineken initiated in March 2022 to exit Russia, incurring an expected total cumulative loss of 300 million euros," the company announced.HEINEKEN CEO SAYS BRANDS MUST 'BE BALANCED' AND 'STAND UP FOR YOUR VALUES'The company's facilities have been sold to Arnest Group, a major Russian manufacturing firm that produces cosmetics and household goods. Heineken's decision fulfills a promise the beer company made over a year ago after the initial invasion of Ukraine. An investigation by a Dutch news outlet earlier this year accused Heineken of failing to follow through on the commitment, but the company attributed its slow withdrawal to the process of securing jobs for its hundreds of employees. ANHEUSER-BUSCH RENEWS PARTNERSHIP WITH WASHINGTON COMMANDERS AS TEAM'S OFFICIAL BEER SPONSORApproximately 1,800 employees will be guaranteed employment by Arnest Group for three years, according to the deal. "We are happy with this deal. We take good care of our people and leave in a responsible way," executive Dolf van den Brink told outlet Algemeen Dablad."I don't believe there is one other company that leaves Russia for 1 euro," he continued. CLICK HERE TO GET THE FOX BUSINESS APPHeineken joins many other major worldwide brands in withdrawing from the country following the invasion of Ukraine.McDonald's, Coca-Cola and Starbucks have all suspended operations inside Russia and have sold off assets from their production facilities in the country. Data & News supplied by www.cloudquote.io Stock quotes supplied by Barchart Quotes delayed at least 20 minutes. By accessing this page, you agree to the following Privacy Policy and Terms and Conditions.
Heineken sells Russian operations for €1 By: FOX Business August 25, 2023 at 08:30 AM EDT Dutch beer manufacturer Heineken has pulled out of Russia after selling its production facilities for a symbolic €1. Dutch beer manufacturer Heineken has packed up and left the Russian market.Heineken announced the decision Friday, noting that it was selling its assets for a symbolic €1."The transaction has received all the required approvals and concludes the process Heineken initiated in March 2022 to exit Russia, incurring an expected total cumulative loss of 300 million euros," the company announced.HEINEKEN CEO SAYS BRANDS MUST 'BE BALANCED' AND 'STAND UP FOR YOUR VALUES'The company's facilities have been sold to Arnest Group, a major Russian manufacturing firm that produces cosmetics and household goods. Heineken's decision fulfills a promise the beer company made over a year ago after the initial invasion of Ukraine. An investigation by a Dutch news outlet earlier this year accused Heineken of failing to follow through on the commitment, but the company attributed its slow withdrawal to the process of securing jobs for its hundreds of employees. ANHEUSER-BUSCH RENEWS PARTNERSHIP WITH WASHINGTON COMMANDERS AS TEAM'S OFFICIAL BEER SPONSORApproximately 1,800 employees will be guaranteed employment by Arnest Group for three years, according to the deal. "We are happy with this deal. We take good care of our people and leave in a responsible way," executive Dolf van den Brink told outlet Algemeen Dablad."I don't believe there is one other company that leaves Russia for 1 euro," he continued. CLICK HERE TO GET THE FOX BUSINESS APPHeineken joins many other major worldwide brands in withdrawing from the country following the invasion of Ukraine.McDonald's, Coca-Cola and Starbucks have all suspended operations inside Russia and have sold off assets from their production facilities in the country.