THE HAGUE, Netherlands (AP) – Dutch brewer Heineken has completed its withdrawal from Russia, 18 months after Moscow launched its sweeping withdrawal invasion of Ukrainethe company sold its business in Russia for just 1 euro, the company announced on Friday.
Heineken said it suffered a total loss of 300 million euros ($325 million) from its sale to Russian manufacturing giant Arnest Group.
Heineken had come under fire for its slow exit after the war broke out, but stressed that the company was keen to take care of its local employees in Russia.
Heineken confirmed this in March last year exit from Russia as its business there “is no longer sustainable and viable in the current environment” but added that it wanted to ensure an “orderly transfer” to a new owner.
“Although it has taken much longer than we had hoped, this transaction secures the livelihoods of our employees and allows us to leave the country responsibly,” Heineken CEO Dolf van den Brink said in a statement.
The sale includes all of Heineken’s assets in Russia, including seven breweries. The company said Arnest guaranteed the employment of Heineken’s 1,800 local employees for three years.
Heineken beer was withdrawn from the Russian market last year. One of its other major brands, Amstel, will be phased out within six months, the company said.