Unilever Leaves Russia, Sells Business to Local Manufacturer

Unilever, known for brands like Dove and Hellmann’s, has sold its Russian and Belarusian businesses to Arnest Group, a local manufacturer. This move included four factories and some IT systems. Unilever's CEO, Hein Schumacher, oversaw this during his first year as boss, along with plans to spin off the ice cream business and focus on key brands to improve performance. The deal's details weren't revealed, but it's known the Kremlin wants a 50% discount from "unfriendly" countries. The sale drew criticism from campaigners and Ukraine's government for Unilever's continued presence in Russia after the Ukraine invasion in 2022. Unilever was the first major European food company to stop imports and exports with Russia in March 2022. They spent a year preparing the Russian business for sale, separating IT and supply chains, and migrating brands to the Russian alphabet. B4Ukraine, a coalition pressing for Western companies to cut ties, praised Unilever's decision. Arnest Group hasn't commented yet. The departure of firms from Russia has cost foreign companies over $107 billion, with Danone taking a $1. 3 billion hit for selling Russian assets earlier this year.