Dutch brewer Heineken on Friday announced it was pulling out of Russia after selling its operations there to the Arnest Group, the largest Russian manufacturer of cosmetics, household goods, and metal packaging. Heineken said it would incur a total loss of about 300 million euros ($323.6 million) in the sale, including all the breweries in the country and 1,800 local staff. The company has guaranteed employment for those employees through three years. Heineken will also issue a three-year license to “smaller regional brands to ensure business continuity and to secure transaction approval.” However, it will not provide brand support or … Continue reading Heineken Leaves Russia, Takes $320 Million Hit