The tale is almost Shakespearean. A beverage titan, Heineken incurs €300M loss. The reason? A symbolic sale of its Russian arm to Arnest Group, a Novomoskovsk-based manufacturer of household and cosmetic products.
For some, this might sound like selling the crown jewels for a fistful of dust.
But, behind this perplexing move, lies the weight of geopolitics and corporate responsibility.
Heineken Incurs €300M Loss: Navigating the Russian Quagmire
Dolf van den Brink, the helm at Heineken, sheds light on this decision, “Recent developments highlight the veritable maze that large manufacturing behemoths like ours navigate when exiting Russia.” He further adds, “Although the journey was longer and more tumultuous than expected, we’ve managed to anchor our employees’ futures and part ways with Russia in a manner we deem responsible.”
The Journey to the Exit
The initial announcement of Heineken’s intent to divest its Russian operations reverberated back in March 2022.
Now, the baton has been fully passed.
