Danone announces it plans to transfer the effective control of its "Essential Dairy and Planted-based" business in Russia
Danone announces today it has decided to initiate a process to transfer the effective control of its Essential Dairy and Plant-based (EDP) business in Russia.
Danone
Danone considers that this is the best option to ensure long-term local business continuity, for its employees, consumers and partners.
Over the first 9 months of 2022, the EDP Russia business represented around 5% of Danone net sales and had a dilutive contribution to Danone’s like-for-like sales growth and recurring operating margin. The transaction could result in a write-off of up to €1 billion[1].
Once closed, the transaction, which will be subject to regulatory approvals, will result in the deconsolidation of Danone’s EDP Russia business.
Danone’s priority remains to act responsibly and respectfully to its local employees, consumers, and partners throughout the process.
[1] Based on the accounts and foreign exchange rates as of June 30th, 2022
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