ASIATODAY.ID, MOSCOW – Multinational company Unilever is selling its subsidiaries in Russia and Belarus for 600 million euros. It becomes the latest in a series of western companies to divest operations in the country as the Russian-Ukrainian war lasts 2.5 years.
Unilever’s business in Russia has been acquired by Arnest Group, a local manufacturer that bought several other western businesses, as more companies leave the country.
“In addition to its business in Russia, the sale includes Unilever’s operations in Belarus in a deal worth around 600 million euros,” the Financial Times reported, Monday, October 14, 2024.
Unilever produces various kinds of daily necessities under brand names in more than 190 countries. This company is divided into five product categories, namely home care, beauty and wellness, nutrition, personal care and ice cream. The company also has research and development operations in India, Pakistan, China, the UK, the Netherlands and the US.
Unilever CEO Hein Schumacher said that Unilever today has completed the sale of its Russian subsidiary to Arnest Group, a Russian manufacturer of perfumes, cosmetics and household products.
“This sale covers Unilever’s entire business in Russia and four of its factories in the country. “Our business in Belarus is also included in this sale,” he said.
He said for the past year, the company had been preparing for a possible sale of its Unilever Russia business.
“This work is very complex, and involves separating industrial technology platforms and supply chains,” he said.
A number of Western companies have left Russia by selling or closing their operations in the country, since the start of the war. These companies include HSBC, Volkswagen, Renault, Heineken, Danone, and several other companies.
Unilever, as well as other giant companies such as Nestlé, have survived longer than their peers. (AT Network)
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