France’s Danone introduced on Friday it was in search of a purchaser for the Russian operations of its dairy and plant-based meals unit, including {that a} sale may lead to a write-off of over $970 million.

“That is the most suitable choice to make sure long-term native enterprise continuity,” the corporate’s assertion learn. It disclosed that the Russian dairy unit accounted for round 5% of the group’s web gross sales within the first 9 months of the 12 months.

Danone didn’t say to whom its Russian enterprise can be transferred, nonetheless, a supply near the matter informed Reuters the agency may retain a stake within the dairy enterprise.

“The board has simply began a course of that can result in a transaction that could possibly be a full sale or a partial sale,” the supply reportedly mentioned, including that the purpose was to now not function the enterprise.

In March, the corporate mentioned it could proceed to provide important dairy and toddler vitamin merchandise in Russia however had reduce different ties with the nation amid the sanctions.

On the time, it mentioned it had ended all investments in Russia and wouldn’t take any money, dividends or earnings from its enterprise there.

The corporate owns the nation’s prime dairy model, Prostokvashino, with 12 manufacturing websites and eight,000 staff.

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