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Danone Announces It Plans To Transfer The Effective Control Of Its “Essential Dairy And Planted-Based” Business In Russia
Danone has announced it has decided to initiate a process to transfer the effective control of its Essential Dairy and Plant-based (EDP) business in Russia.
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.
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.
Danone
Danone S.A. is a French multinational food-products corporation based in Paris. It was founded in Barcelona,Spain. It is listed on Euronext Paris where it is a component of the CAC 40 stock market index. Some of the company’s products are branded Dannon in the United States.
As of 2018, Danone sold products in 120 markets, and had sales in 2018 of €24.65 billion.In the first half of 2018,29% of sales came from specialized nutritional preparations, 19% came from branded bottled water, and 52% came from dairy and plant-based products.
Danone was founded by Isaac Carasso, a Salonica-born Sephardic Jewish physician from the Ottoman Empire, who began producing yogurt in Barcelona, Spain in 1919. The brand was named Danone, which translates to “little Daniel”, after his son Daniel Carasso.
In 1929, Isaac Carasso moved the company from Spain to France, opening a plant in Paris.In 1942, Daniel Carasso moved the company to New York. In the United States, Daniel Carasso partnered with the Swiss-born Spaniard Juan Metzger and changed the brand name to Dannon to sound more American.
In 1951, Daniel Carasso returned to Paris to manage the family’s businesses in France and Spain, and the American business was sold to Beatrice Foods in 1959; it was repurchased by Danone in 1981.In Europe in 1967, Danone merged with Gervais, the leading fresh cheese producer in France, and became Gervais Danone. In 1973, the company merged with bottle maker BSN. The company changed its name to Groupe Danone in 1983.
Source: Danone
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