Unilever sold its business in Russia for 520 million euros (55.38 billion rubles at the Central Bank exchange rate as of October 11). This was reported by the Financial Times, citing sources close to the agreement.
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Unilever’s net assets in Russia for 2023 were estimated at approximately €600 million, but the business was sold to Russian manufacturer Arnest for a smaller amount, the publication notes.
“Over the past year, we have been carefully preparing the Unilever Russia business for a possible sale,” the FT quotes Unilever CEO Hein Schumacher.
Russian companies accounted for approximately 1% of the company’s turnover and profits. Schumacher noted that the liquidation process was complex and included the separation of IT platforms, supply chains and rebranding of brands. The closing of the deal marked Unilever’s complete exit from Russia.
The day before it became known that Unilever had completed the sale of the Russian and Belarusian business to the cosmetics and household chemicals manufacturer Arnest. The deal included four factories in Yekaterinburg, Omsk, St. Petersburg and Tula. Arnest’s press service confirmed the information, but did not reveal the amount of the transaction.
In September, Unilever received consent from Russian authorities to sell assets in Russia, then valuing the local business at between 35 and 40 billion rubles.
The Arnest company produces antiperspirants, air fresheners, cleaning products and detergents, in addition to Dichlorvós, in its own facilities.
Author:
Nikolai Tikhonov
Source: RB
I am a professional journalist and content creator with extensive experience writing for news websites. I currently work as an author at Gadget Onus, where I specialize in covering hot news topics. My written pieces have been published on some of the biggest media outlets around the world, including The Guardian and BBC News.
