British tobacco company British American Tobacco (BAT) has signed an agreement to sell its business in the Russian Federation and Belarus. Company announced About this on Wednesday.
The buyer was a consortium led by the local government. Following the transaction, the assets will be renamed ITMS Group. BAT announced plans to leave the Russian Federation in March 2022, stating that its presence in the market under sanctions was “unsustainable”. As of June 30, 2022, the Russian Federation and Belarus accounted for 2.7% of the group’s revenue.
In Russia BAT, St. Production started in St. Petersburg. The company also produced tobacco sticks for Glo heating systems. According to SPARK-Interfax, the revenue of the Russian division MUMT in 2022 increased by 9.5% to 247.2 billion rubles.
From the Russian market in April 2022 left The Imperial Brands company is selling its assets to a consortium linked to Megapolis. JTI suspended its new investments in Russia. Philip Morris International is also considering business restructuring, including the transfer of assets.
steel before known Consequences of British American Tobacco’s departure from Russia.