MOSCOW (Pakistan Point News / Sputnik - 07th February, 2023) Danish multinational brewery Carlsberg said on Tuesday it intended to sell its business in Russia by the middle of 2023 under a divestment agreement that would provide the best possible solution for all its employees and stakeholders.
Carlsberg decided to stop producing and selling its beer in Russia in March 2022, following the launch of the country's military operation in Ukraine. The company subsequently announced the sale of its Russian assets.
"We will take the necessary time to execute the separation and divestment to seek the best possible solution for all stakeholders, in particular our more than 8,000 employees and our shareholders. An offer process is expected to commence in Q1 2023, and we are aiming to sign a divestment agreement by mid-2023," the company said in its financial report.
The sale will take place despite the fact that Carlsberg's revenue in Russia increased by 56% to 10.207 million Danish krones ($1.47 million) in 2022, though the volumes sold fell by 2.6%, according to the report.
On February 24, 2022, Russia launched a military operation in Ukraine after the breakaway republics of Donetsk and Luhansk appealed for help in defending themselves against Ukrainian forces. This has prompted a slew of Western sanctions and many foreign companies have chosen to leave the Russian market as a result.
