AB InBev has announced that it plans to sell its non-controlling stake in its Russian joint venture AB InBev Efes.
The company is looking to divest the interest to its joint venture partner, Turkish brewer Anadolu Efes, and says that active discussions are underway.
AB InBev says it will report a $1.1 billion impairment charge in its first-quarter results as a repercussion of the sale.
According to Reuters, AB InBev has a 24% stake in Anadolu Efes. The companies formed the AB InBev Efes joint venture in 2018, combining their respective Russian and Ukrainian businesses.
AB InBev said in a statement: “Together with its partner, AB InBev continues to support its employees, their families and the humanitarian relief efforts in Ukraine. Support for its displaced employees and their families includes counselling, housing and financial support.”
The statement continued: “In addition to donating to NGOs and the relief organisation Caritas, AB InBev is working in partnership with them, other companies and local NGOs to provide food, blankets, medical supplies and 3 million cans of emergency drinking water to Ukraine and surrounding refugee relief areas.”
AB InBev’s decision to sell its stake in the Russian joint venture comes after similar moves from rivals Carlsberg and Heineken, which have also exited businesses in Russia.
By Lauren Ford
Consumer behaviors and preferences are evolving rapidly. With macro shifts in society, inflation and food supply challenges set to profoundly influence how people consume food and beverages, Givaudan is exploring what the world of dairy alternatives will look like in the coming decade.
After nearly three decades with AFI, Andersen is leaving to pursue a different career path “to work on diverse projects and explore opportunities to serve as board member”. Serving as CEO since 2010, Andersen joined AFI in 1994, initially overseeing applications and R&D. Over the years, he has maintained a strong focus on the whey business.
The Kraft Heinz Company has introduced five new members to its executive leadership team, who will collaborate with Carlos Abrams-Rivera upon assuming the CEO role in 2024. Pedro Navio will assume the position of North America president at the beginning of next year. In addition, Willem Brandt, Bruno Keller, Cory Onell and Diana Frost will join Abrams-Rivera and Navio on the executive leadership team.