Carlsberg and Heineken on Monday became the latest global brands to say they will exit the Russian market after the invasion of Ukraine.

Carlsberg
CARL.B,
+4.96%
,
the number one beer maker in Russia as the owner of Baltika, said it’s seeking a full disposal of its Russian business. The business will be traded as an asset held for sale until it’s done so, which will result in a “substantial” impairment charge, Carlsberg said.

Carlsberg earned 682 million kroner ($78 million) from Russia on revenue of 6.5 billion kroner last year, or 7% of its operating profit and 10% of its revenue.

Heineken
HEIA,
+0.16%

said it will take a charge of about 400 million euros for an “orderly transfer of our business to a new owner in full compliance with international and local laws.” Heineken had previously announced that it won’t profit from its Russia business and stopped advertising in the country.



Source link

eSocialNews.com

World News

Finance