Diageo to Shut Down Operations in Russia
June 29 2022 - 6:06AM
Dow Jones News
By Michael Susin
Diageo PLC said Tuesday that it will wind down its business
operations in the Russian market by the next six months, according
to a spokesperson.
The London-listed maker of Johnnie Walker scotch whisky and
Smirnoff vodka said its business in Russia accounted for less than
1% of its global sales and profits before the crisis, but that the
impact of the Ukraine war has been significant and
unsustainable.
The declaration comes after the company's decision to stop
shipping and selling products in Russia in March, following the war
in Ukraine.
Diageo said it will provide support to its employees with
enhanced redundancy terms.
Shares at 0929 GMT were down 116.0 pence, or 3.2%, at 3,564.0
pence.
Write to Michael Susin at michael.susin@wsj.com
(END) Dow Jones Newswires
June 29, 2022 05:51 ET (09:51 GMT)
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