Heineken has announced it plans to sell its production site in Kaliningrad, Russia, as it aims to raise RUB 250 million ($4.3 million).
Production at the site in the Russian enclave were reportedly stopped in January as a result of sustained inflation, unfavourable exchange rates, low consumer confidence and high price competition.
Heineken said in a statement: “We have a sober estimate of the economic situation in the country as a whole and in the region in particular.”
The site consists of warehouses and five plots of land with a total area of 7.2 hectares. Heineken said its aims to use the money from the sale to invest in other projects.
Source: FoodBev.com
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