The consumer goods company, which produces brands such as Hellman's and Knorr, had remained trading in the country after the Ukraine invasion and faced some criticism for that decision.
CEO Hein Schumacher said: "The sale includes all of Unilever’s business in Russia and its four factories in the country. Our business in Belarus is also included in the sale.
"Over the past year, we have been carefully preparing the Unilever Russia business for a potential sale. This work has been very complex, and has involved separating IT platforms and supply chains, as well as migrating brands to Cyrillic.”
Unilever annual results for 2023 said that the Russian business contributed roughly 1% of the groups turnover and net profit. As of 31 December 2023 it said it had approximately €600m of net assets.
In August 2023, Arnest Group – which manufactures perfume, cosmetics and household products – also purchased the Heineken's operation in Russia taking on responsibility for 1,800 employees. The purchase price for the Heineken Russia business was €1 for 100% of the shares.
Earlier this year, Unilever’s ice cream division became a standalone business, as part if its Growth Action Plan (GAP) to sharpen its portfolio. Unilever separated from the ice cream standalone business which included five of the top 10 global best sellers, including Ben & Jerry's, Wall's and Magnum.
The company also revealed that it had identified additional efficiencies that were to be accelerated as part of GAP. In addition to the portfolio changes, Unilever said it would be launching a comprehensive productivity programme, which would drive focus and faster growth through a leaner and more accountable organisation, enabled by investment in technology
