Heineken’s remaining assets in Russia will be transferred to Arnest Group, a major can packaging company. Credit: Marko Blažević/Unsplash.

Dutch brewing company Heineken has completed the sale of its Russian business operations to Russia’s major can packaging company Arnest Group.

Arnest Group has acquired the brewing company’s Russian operations at a purchase price of €1 ($1.08) for 100% of the shares.

Related Company Profiles

View all

The completion of latest transaction comes after the companies received all the necessary approvals.

The latest milestone further marks the conclusion of the process started by Heineken in March last year to completely exit Russian market.

Heineken’s remaining assets in Russia, which also includes seven breweries, will be transferred to the Russian packaging firm.

The Dutch company already removed its Heineken brand from Russia last year and now the production of its other brand Amstel is also scheduled to phase out within the next six months.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

The total cumulative loss incurred by Heineken due to this decision is approximately €300m.

However, the company said that this deal will have “negligible impact” on diluted earnings per share and its full year 2023 outlook will remain unchanged.

Heineken CEO and executive board chairman Dolf van den Brink said: “We have now completed our exit from Russia.

“Recent developments demonstrate the significant challenges faced by large manufacturing companies in exiting Russia.

“While it took much longer than we had hoped, this transaction secures the livelihoods of our employees and allows us to exit the country in a responsible manner.”

Heineken said that the responsibility to provide employment guarantees to its 1,800 employees associated with Russian business over the next three years will be taken by Arnest Group.

Based in Stavropol, Russia, Arnest Group manufactures cosmetics, household goods and metal packaging for various fast moving consumer goods (FMCG) sector.

Heineken sold its Mexican packaging business Empaque to Crown Holdings in 2015.