British tobacco manufacturer British American Tobacco announced the sale of its Russian business. Its new owner will be the local management. Upon completion of the transaction, BAT in Russia will change its name to ITMS Group.
British American Tobacco has reached an agreement to sell its business in Russia. This was reported by the company’s press service.
The new owner of the BAT business in Russia will be the managing consortium BAT Russia. The amount of the transaction is not disclosed, it is expected to close at the end of October. Upon completion of the transaction, British American Tobacco in Russia will change its name to ITMS Group.
As part of the settlement, the company agreed not to change the current terms and conditions of employment for two years.
BAT stopped investing in Russian companies in March 2022. At the same time, the company stopped producing in Russia. BAT has a tobacco factory in St. Petersburg.
At the end of 2021, Russia and Belarus accounted for 3.1% of British American Tobacco’s global revenue.
Author:
Kirill Bilyk
Source: RB
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