Unilever to sell business in Russia

Unilever, the consumer and household goods holding company that entered Russia in 1991, has waited for the Russian Federation's government commission to decide whether or not to withdraw from the market.

Source: RBC, as reported by The Bell

Details: Assets (four significant industrial locations and brands) are valued at RUB 35-40 billion (approx. US$450 million). This is around half of last year's assessment of the company.

The buyer for assets has been secured but not disclosed.

According to RBC, Unilever did not want to leave the Russian market, which it had dominated but lost due to the situation of the business, rising geopolitical tensions, and pressure on the corporation.

According to the most recent Forbes ranking, Unilever was the fourth-largest foreign company in Russia by revenue (62 billion roubles). Over the course of the year, it decreased by a quarter to little over 1% of global activity.

Background:

• The National Agency for the Prevention of Corruption (NAPC) added Unilever Corporation to the list of international war sponsors in July 2023. The company is well-known in Ukraine for its products Domestos, Axe, Rexona, Dove, and so on.
• Unilever has already stated that if its Russian employees are drafted into the army, it will follow Russian conscription regulations.
• Unilever is a global leader in food and household chemicals. It owns over 400 brands and manufactures products at 280 facilities, including Domestos, Axe, Rexona, Dove, Calve, Rama, Brooke Bond, Lipton, Crème Bonjour, CIF, Knorr, Sunsilk, Timotei, CLEAR, and others.

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