March 7, BPN. Olvi Group from Finland, which owns Lidskoe Pivo brewery announced its intentions to withdraw from the Belarusian market due to the war in Ukraine.
Olvi Group’s Board of Directors decided on the matter on March 5, 2022.
“Olvi strongly condemns the attack on Ukraine,” the company’s press release emphasizes. “As a result, Olvi will stop exporting to Russia and Belarus, suspend investments in Belarus and start withdrawing from the Belarusian market. Planning for the implementation of the withdrawal will begin immediately while taking care of employees.”
According to Olvi, Belarus accounted for about a quarter of Olvi Group’s business operations last year, 33 percent of its sales volume, 21 percent of its net sales and 24 percent of its operating profit. Exports from Finland and the Baltic States to Russia amounted to about 13.5 million euros. Exports from Lidskoe Pivo to Russia at the same time accounted for about a quarter of the Olvi Group’s net sales.
The message on the website of Lidskoe Pivo emphasizes that the company will keep operating and producing beverages for the Belarusian market, while the employees will receive their salaries in full. According Audrius Mikšys, Lidskoe Pivo CEO, Olvi’s exit procedure could take from 6 to 12 months.
JSC Lidskoe Pivo, the oldest operating brewery in Belarus, employs 840 people. It is one of the largest employers in Lida (Hrodna region).
Olvi Group started investing in the Belarusian brewery in 2009.
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