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  • By The Financial District

Danone Dumping Its Dairy, Food Business In Russia

The French food company Danone has announced plans to shed its dairy and plant-based food business in Russia in a transaction that could result in a write-off of up to £865 million, George Styllis and Berny Torre reported for The Telegraph.

Photo Insert: Danone did not disclose to whom it would transfer the business.

With its Russian unit accounting for about five percent of the group's net sales in the first nine months of the year, Danone said quitting the Russian market and establishing its presence elsewhere is not a bad idea.

"This is the best option to ensure long-term local business continuity."

Danone did not disclose to whom it would transfer the business. A source told Reuters that all options regarding its local business were on the table weeks after Russia's full-scale invasion of Ukraine began.

The company has been ramping up its presence in the US, North America, Africa, Southeast Asia, Latin America, and Japan and shopped around for companies to acquire.

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