7 Feb 2023 14:34

Carlsberg hoping to ink agreement to sell Russian business by mid-2023

MOSCOW. Feb 7 (Interfax) - Danish brewer Carlsberg Group, which owns Russia's Baltika Brewery LLC, plans to sign an agreement to sell the business by mid-2023, according to the company's 2022 reporting.

The company has already started the process of selecting potential buyers, having defined the criteria for participation in the auction. It is expected that the offer will be announced in the first quarter of this year.

In light of the coming transaction, Carlsberg hopes to work out the optimum solution for all interested parties, including employees and shareholders.

Carlsberg announced at the beginning of March 2022 that it was ceasing new investments and exports to Russia, as well as the production of beer under its flagship brand of the same name and refusal to advertise in the Russian market. The company later decided to leave Russia.

Starting in Q2 2022, the Russian business is classified as an asset held for sale, and is not included in overall financial results.

As of the end of 2022, sales in Russia fell by 2.6%. Reported revenue increased 1.6-fold to $593 million.