Danone to Complete Disposal of Russian Business in Coming Weeks
By David Sachs
Danone expects to shed its Russian dairy business in the coming weeks.
The French food company said late Friday that Russian regulators approved the transfer of its dairy and plant-based business in the country to Russian dairy company Vamin R LLC, also known as Vamin Tatarstan. The deal will close in the coming weeks, Danone said.
Danone launched the disposal process in October 2022 after Russia President Vladimir Putin effectively placed the company's local operations under government control. Danone booked a write-down of 1.2 billion euros ($1.30 billion).
Write to David Sachs at david.sachs@wsj.com
(END) Dow Jones Newswires
March 25, 2024 02:36 ET (06:36 GMT)
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