Unilever has sold its Russian business for €520mn following approval by authorities in Moscow to a local manufacturer known for snapping up western assets following a corporate exodus from the country.
London-listed Unilever confirmed on Thursday that it had reached an agreement to sell assets worth approximately €600mn to Russian manufacturer Arnest, including its business in Belarus. People close to the deal confirmed the amount.
“Over the past year, we have been carefully preparing the Unilever Russia business for a potential sale,” said chief executive Hein Schumacher. “This work has been very complex, and has involved separating IT platforms and supply chains, as well as migrating brands to Cyrillic.”
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