Heineken and Carlsberg announced plans to offload their operations in Russia on Monday and take “substantial” hits to their businesses, as the international brewers became the latest consumer companies to bow to pressure to exit the country following the invasion of Ukraine.
Dutch group Heineken said it would transfer its business to a new owner in a move that would cost it €400mn in a non-cash impairment charge. Hours later, Danish rival Carlsberg announced it would “seek a full disposal” of its operations in Russia, saying it would also face a “substantial” charge.
While Heineken employs 1,800 people in Russia and makes 2 per cent of global sales in the country, Carlsberg has more exposure to the market than any other international brewer, making 9 per cent of revenue in the country and employing 8,400 staff.