By Carlsberg and Heineken on Monday became the latest global brands to say they will exit the Russian market after the invasion of Ukraine.
Carlsberg
CARL.B,
+4.88%,
the number one beer maker in Russia as the owner of Baltika, said it’s seeking a full disposal of its Russian business. The business will be traded as an asset held for sale until it’s done so, which will result in a “substantial” impairment charge, Carlsberg said.
Carlsberg earned 682 million kroner ($78 million) from Russia on revenue of 6.5 billion kroner last year, or 7% of its operating profit and 10% of its revenue.
Heineken
HEIA,
+0.16%
said it will take a charge of about 400 million euros for an “orderly transfer of our business to a new owner in full compliance with international and local laws.” Heineken had previously announced that it won’t profit from its Russia business and stopped advertising in the country.
