Dutch brewer Heineken on Friday announced it was pulling out of Russia after selling its operations to the Arnest Group, the largest Russian manufacturer of cosmetics, household goods and metal packaging.
Like other major Western companies, Heineken pledged last year to quit Russia, but drew criticism earlier this year after a Dutch investigative website reported that it was continuing its Russian sales.
The company apologised in March for creating "ambiguity" on its vow to leave the country, saying it was hoping to secure jobs for its Russian employees but struggling to find a buyer for its Russian business.
The brewer said in a statement Friday that the sale had received all the necessary approvals and "concludes the process Heineken initiated in March 2022 to exit Russia".
The move will incur an expected total cumulative loss of 300 million euros ($320 million), it added.
All remaining assets including seven breweries in Russia will transfer to the new owners, Heineken said.
It added that the Arnest Group had provided employment guarantees for the next three years for the 1,800 Heineken employees in Russia.
"In addition to the Heineken brand which was removed from Russia in 2022, production of Amstel will be phased out within six months," it said, adding no other international brands would be licensed in Russia.
"We have now completed our exit from Russia," Heineken chief executive officer Dolf van den Brink said.
"Recent developments demonstrate the significant challenges faced by large manufacturing companies in exiting Russia," he added.
"While 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."
(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)
Featured Video Of The Day
4 Top Leaders Quit Ajit Pawar's Party In Major Setback After Poll Drubbing
Utilise Unique Ties To Tell Putin To End War Against Ukraine: US To India US Urges India To "Utilize" Ties With Russia, Tell Putin To End Ukraine War Top University To Study Medicine In Russia As Per QS World Rankings UP BJP Chief Tells PM He Wants To Quit, Amit Shah In Action Amid Rejig Buzz "I Divorce You... Your Ex-Wife": Dubai Princess Dumps Husband In Insta Post In Massive Row Over Karnataka 100% Quota Bill, Chief Minister Deletes Post Are Doors Still Open For Nephew Ajit? Sharad Pawar Said This Karnataka High Court Gives Bail To 3 Murder Accused In Gauri Lankesh Case Consumption, Private Investment: The Twin Challenge For Budget FY25 Track Latest News Live on NDTV.com and get news updates from India and around the world.