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March 28, 2022, 9:59 a.m. EDT

Carlsberg and Heineken both say they will exit the Russian market

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By Steve Goldstein

Carlsberg and Heineken on Monday became the latest global brands to say they will exit the Russian market after the invasion of Ukraine.

Carlsberg /zigman2/quotes/208335740/delayed DK:CARL.B -0.87% , the number one beer maker in Russia as the owner of Baltika, said it’s seeking a full disposal of its Russian business. The business will be traded as an asset held for sale until it’s done so, which will result in a “substantial” impairment charge, Carlsberg said.

Carlsberg earned 682 million kroner ($78 million) from Russia on revenue of 6.5 billion kroner last year, or 7% of its operating profit and 10% of its revenue.

Heineken /zigman2/quotes/205347870/delayed NL:HEIA +0.75% said it will take a charge of about 400 million euros for an “orderly transfer of our business to a new owner in full compliance with international and local laws.” Heineken had previously announced that it won’t profit from its Russia business and stopped advertising in the country.

DK : Denmark: OMX
kr. 954.80
-8.40 -0.87%
Volume: 136,704
Aug. 12, 2022 4:59p
P/E Ratio
Dividend Yield
Market Cap
kr.142.55 billion
Rev. per Employee
NL : Netherlands: Euronext Amsterdam
+0.70 +0.75%
Volume: 433,213
Aug. 12, 2022 5:35p
P/E Ratio
Dividend Yield
Market Cap
€54.41 billion
Rev. per Employee

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