World News @lemmy.world alphacyberranger @lemmy.world 1 yr. ago

Dutch brewer Heineken completes its withdrawal from Russia, takes $325m hit

www.aljazeera.com Dutch brewer Heineken completes its withdrawal from Russia, takes $325m hit

The world’s second largest brewer sold its business in Russia for just 1 euro ($1.08), months after announcing its exit.

18 comments

Taking a $325m hit? Heineken said they'd withdraw earlier, but still made record profits in 2022 in Russia because others left sooner and Heineken chose that opportunity to expand.

Dutch source: https://web.archive.org/web/20230221081112/https://www.ftm.nl/artikelen/ondanks-beloften-investeert-heineken-in-rusland
Took them long enough. Took them off my list of permissible awhile ago because they didn't withdraw.
- I took them off my list 13 years ago when I tasted the piss they call beer.
  
  They own much,much more than just the Heineken brand. There's some remakably good beer under their umbrella. If you want to avoid their products you're almost always on the receiving end of the slightly more in touch AB-InBev.
  
  Yeah, the only good Heineken I ever had was at the brewery in Amsterdam.
  
  Huh
- I did the same. I think the last news I heard was that they didn't want to lose all their assets which is why the sale was taking so long.
  
  I guess they've won back some goodwill by seemingly trading secure jobs for their employees for 3 years in exchange for their assets.
  
  Still not great that it took this long...
- Good luck with that. Heineken owns a ton of different brands. Good chance you're still drinking some of them.
Wow. Really quickly done there. /s

These companies are taking even longer:

https://som.yale.edu/story/2022/over-1000-companies-have-curtailed-operations-russia-some-remain

As in they are still operating as if nothing has happened.

Companies like:

Braun

British Telecom

Carl's Jr

Cloudflare

Honor

Kawasaki

Lacoste

Makita

New Yorker

Patreon

Riot Games

Sbarro

Tupperware

Valve

Yamaha

ZTE

There are a ton more that simply suspended new investment but are still operating.
- Duck valve and makita
Better late than never. I'll certainly not complain.
Good for them, it's hard for a Corp to hate money temporarily
- They promised to withdraw in 2022 but didn’t. Recently they got a lot of criticism and several large stockholders said they would take action if the company wouldn’t go through with it.
  
  I guess that fully explains it, they did love money, amd risked losing it through inactivity. Classic, only doing good when forced by market pressures. Thanks!
Why sell for so little? To make a point? If so then sell for the highest amount you can get then donate that to Ukraine.
From a devil's advocate point of view: Why would they do this?
Permanently Deleted
- Idk but the current status with the ruble currency might not help.

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