Dutch brewing giant Heineken completed its exit from Russia by transferring its local operations to the Arnest Group for a symbolic one euro. The move is expected to generate an overall loss of about 300 million euros for Heineken, reflecting the financial impact of ceasing activities in the Russian market.
The deal, which secured all required approvals, marks Heineken’s formal withdrawal from Russia during March 2022. There is no option for a future return, a fact Heineken confirmed as part of the closing conditions. Arnest will assume ownership of Heineken’s Russian production assets and will employ roughly 1,800 staff in Russia, with employment guarantees for the next three years.
As part of the wind-down, Heineken will halt Amstel and other international brand production in Russia within six months and will not license any additional global brands in the country. A limited, small regional brand program may continue under specific arrangements to preserve business continuity and obtain the necessary approvals.
Under the terms, Heineken will not provide brand support in Russia and will not receive revenue, royalties, or fees from Russian operations. The financial result will be an exceptional impairment of around 300 million euros, including currency-related losses tied to the Russian exit.
The exit is described as having a negligible effect on earnings per share and is not expected to alter 2023 projections. It reflects a strategic repositioning as the group consolidates its global footprint and concentrates resources where it sees long-term growth.
Commenting on the development, Dolf van den Brink, who serves as president and CEO with oversight over Russia, underscored the significance of the move. He noted that the process, although lengthy, secures the livelihoods of local employees and demonstrates a responsible approach to leaving the market. He also pointed to broader industry challenges faced by large manufacturers when withdrawing from Russia.
Van den Brink stressed that the company’s primary goal was to protect worker interests and complete the exit in a controlled manner, avoiding disruption to the regional economy where possible. The aggregation of these steps provides a clear signal about the company’s priorities as it recalibrates its international portfolio in response to evolving conditions.