The group is looking for a buyer
Danone withdrew from Russia
10/14/2022, 4:11 PM
French food conglomerate Danone wants to exit the business in Russia with dairy products and plant-based alternatives. The group decided to look for a buyer. Only one line of production is exempted from the phase.
French food conglomerate Danone is ending most of its activities in Russia. The company said it would withdraw from its dairy and plant-based products business. This comprises the majority of Danone’s business in Russia and accounts for five percent of the group’s total sales as of 2022 so far.
The move could lead to a write-down of one billion euros, it said. At first it was not clear who and when would handle business in Russia. The decision should also be approved by the competent authorities.
Danone was one of the few international companies to have a presence in Russia after the Russian invasion of Ukraine. A whole range of companies withdrew from the country or temporarily closed production facilities.
Danone initially said he wanted to stay in Russia to help secure food supplies for the civilian population. But it has now been said that withdrawing from most business is the best option to ensure the long-term continuity of local business for its employees, consumers and partners. However, the group wants to retain the baby food business.
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