Unilever completes sale of Russian business
It comes after Unilever had faced criticism for not leaving Russia after Moscow’s invasion of Ukraine, when other businesses had rushed to pull out.
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Your support makes all the difference.Marmite maker Unilever has finally sold off its business in Russia after coming under fire for not exiting the country following the invasion of Ukraine more than two years ago.
The consumer goods giant confirmed it had completed the sale of its Russian business to Arnest, a manufacturer of household goods and cosmetics in the country.
The sale also includes Unilever’s four factories in Russia and its business in Belarus.
This work has been very complex, and has involved separating IT platforms and supply chains, as well as migrating brands
Unilever did not disclose the amount, but reports suggest it was worth 520 million euros (£435 million).
Hein Schumacher, chief executive of Unilever, said: “Over the past year, we have been carefully preparing the Unilever Russia business for a potential sale.
“This work has been very complex, and has involved separating IT platforms and supply chains, as well as migrating brands.”
It comes after Unilever had faced criticism for not leaving Russia after Moscow’s invasion of Ukraine, when many other Western businesses had made their exodus from the country.
The FTSE 100 giant has had a presence in Russia since 1991.
Unilever has said its Russian operations accounted for around 1% of sales and net profit in the first half of 2024.
The Russian arm is thought to have employed about 3,000 people.