World’s largest food company suspends investment in Russia

World’s largest food company suspends investment in Russia

Food and drinks multinational Nestlé has suspended capital investment in Russia in response to the war in Ukraine, the company announced in a statement on Wednesday. However, the sale of “essential” food will continue, it added. The world’s largest food company also said it had pulled all advertising activity in the country. Nestlé owns some 2,000 food brands, including beverages, coffee, water, cereals, baby food, confectionery, frozen foods and others.

“We will continue to ensure a reliable supply of safe and essential food products to the local people in the country,” Reuters quotes the company’s statement, in which Nestlé adds that it has a responsibility toward the Russian people and its 7,000 employees, who are mostly local.

The Switzerland-based company is the latest Western food manufacturer to either pull out of Russia or suspend operations in the country amid the ongoing conflict in Ukraine.

PepsiCo and Unilever have limited their operations while maintaining “essential” food sales. One of the world’s largest dairy companies, Arla Foods, announced on Monday it had initiated preparations to suspend its business in Russia. French food group Danone also announced a suspension of all investment projects in Russia but said it would maintain production and distribution of fresh dairy products. Finland’s Fazer Group exited the Russian market as did Swiss chocolate producer Lindt & Sprüngli.

For more stories on economy & finance visit RT's business section

Source: www.rt.com

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