Companies leave Russia – level 3

20-10-2022 07:00

In Russia, French food company Danone will relinquish control of its dairy food business. The deal could lead to a write-off of up to 978 million dollars.

Danone joins a lengthy list of global companies that made costly exits from Russia because of its war in Ukraine. Danone will offload a business that represents about 90% of its operations in the country, and only its infant nutrition business will remain. According to the company, this option is best to ensure long-term business continuity. However, Danone didn’t reveal the business recipient.

Many Western consumer goods companies including Nestle and Procter&Gamble continue to provide essential food and medicine to Russia; however, they face increasing pressure from consumers and activists to cut all work with the country.

Difficult words: relinquish (to give up), write-off (a cancellation from the company as a loss of money), offload (to get rid of something that you don’t want by giving or selling it to someone else).

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