Sector News

Diageo to wind down operations in Russia

July 3, 2022
Food & Drink

Diageo has announced it will wind down its Russian business operations over the next six months, with plans to fully withdraw by the end of the year, according to Reuters.

In March, the drinks giant suspended all exports of its products to Russia as well as the manufacturing of its beers, which are brewed locally under license by third parties.

“Our focus will remain on supporting our employees in the region and providing them with enhanced redundancy terms, while ensuring we comply with local regulations,” a Diageo spokesperson said in a statement to Reuters.

Western companies looking to exit Russia amidst the ongoing Russian-Ukraine conflict face the prospect of a new bill being passed that will allow Moscow to seize assets and impose criminal penalties against businesses, encouraging companies to accelerate their withdrawal from the country.

by Reuters

Source: foodbev.com

comments closed

Related News

November 27, 2022

Cargill to appoint Brian Sikes as president and CEO

Food & Drink

Cargill will appoint Brian Sikes as its president and chief executive officer on 1 January 2023. The soon-to-be CEO, currently holding the chief operating officer title, has worked at Cargill for 31 years. Dave MacLennan, who has served as Cargill’s CEO since 2013, will assume the role of executive chair of the company’s board of directors.

November 27, 2022

Wellness, self-expression drive the latest trends in colors and flavors

Food & Drink

Comforting colors, feel-good flavors, and unique food and beverage experiences will resonate most with consumers in the new year, according to ADM’s latest Flavor and Color Outlook. ADM anticipates that 2023 will be the year of self-expression, and the company identified four trends that are sure to stand out.

November 27, 2022

Nespresso unveils home-compostable coffee capsules in partnership with Huhtamaki

Food & Drink

Nestlé’s Nespresso brand will pilot home-compostable coffee capsules on the Nespresso Original system in France and Switzerland from spring 2023 before further launches in several other European countries within a year. The paper-based capsules are touted as a breakthrough in packaging technology after three years of R&D.