The Dutch brewing concern Heineken has found a buyer for the business in Russia, a request for approval of the transaction has already been sent to regulatory authorities, according to the company’s report for the first quarter of 2023.
“We continue to work on the transfer of ownership of our business in Russia. The application has been submitted for approval to the authorities of the Russian Federation in accordance with local regulatory requirements,” the company said.
Heineken added that before receiving a response from the regulator, the concern cannot disclose other information, including about a potential buyer.
The cessation of product sales in Russia has already affected the company’s financial performance. According to the report, growth in sales of premium beer in most regions was offset by “a decline in sales in Vietnam and a halt in sales in Russia.” As a result, the total drop in sales in the premium segment, taking into account losses in these two markets, amounted to 5.7%.
In March 2022, the concern estimated its losses due to leaving Russia at €400 million.
In Russia, Heineken produces beer under the brands Okhota, Three Bears, Bochkarev, Zhigulevskoye, Stepan Razin, PIT, Sedoy Ural, Krepkoe and others. The factories producing these drinks continued to work, despite the decision of the concern to curtail work in Russia, however, the company stopped exporting beer produced abroad to Russia. In addition, the company suspended new investment projects in the country.
After February 2022, other large foreign beer producers also stopped deliveries to Russia. Among them were Czech beer producers – Plzensky Prazdroj (brands Pilsner Urquell, Velkopopovický Kozel and Gambrinus), Budejovicky Budvar (Budweiser Budvar), Staropramen and Bernard; Danish brewing company Carlsberg (brands Carlsberg, Kronenbourg, Holsten, Tuborg).
