Recently, Unilever has received approval from the Russian government to sell its assets in the country, according to RBC Business Daily. The assets, valued between US$393 million and US$449 million, include four factories and various holdings. Despite scaling back operations in Russia after the invasion of Ukraine, Unilever has continued to supply essential food and hygiene products. In a July report, the company revealed that its Russian business held net assets worth approximately US$663 million as of June 30.
Although no official buyer has been confirmed, reports suggest that Arnest Group, which recently acquired Heineken’s Russian assets, could be a leading candidate. This sale comes amidst a broader exodus of Western companies from Russia, a movement that has collectively cost foreign firms over US$107 billion in writedowns and lost revenue.
For Unilever’s CEO, Hein Schumacher, completing this exit is a key decision as part of wider restructuring efforts, which include the spin-off of its ice cream division and a global reduction of 7,500 employees.
According to Unilever’s latest financial report, in the first half of 2024, the company achieved revenue of 31.1 billion euros, a year-on-year increase of 2.3%. Operating profit reached 5.9 billion euros, a year-on-year increase of 7.8%.
