Danone to withdraw from Russia, with a €1 bln write-off as result

Reuters
·1 min read

PARIS, Oct 14 (Reuters) - French food company Danone on Friday announced it plans to shed its dairy and plant-based food business in Russia in a transaction which could result in a up to 1 billion euro ($978.10 million) write-off.

"This is the best option to ensure long-term local business continuity", Danone said in a statement, adding the Russian unit accounted for roughly 5% of the group's net sales in the first nine months of the year.

Some weeks after Russia's full-scale invasion of Ukraine earlier this year, Danone had said that all options regarding its local business were on the table, while a source had told Reuters the firm had started to assess feasible options.

Danone did not disclose to whom it would transfer the business. ($1 = 1.0224 euros) (Reporting by Tassilo Hummel; Editing by Benoit Van Overstraeten)

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