Danone SA has suspended its plans to invest in Russia following the invasion of Ukraine, said General Secretary Laurent Sacchi.
The world’s largest yogurt maker will continue to sell dairy and baby food however, Sacchi said in a statement on the company’s website on Sunday. Danone will continue to monitor the situation, and would apply any decisions made by the French authorities.
Danone Chief Executive Officer Antoine de Saint-Affrique was among CEOs and chairmen of some of France’s biggest companies who met with Emmanuel Macron on Friday, according to Le Figaro. The French president urged them not to leave Russia hastily, and in any case not without consulting the government, the newspaper reported.
“We have decided to suspend all investment projects in Russia but currently maintain our production and distribution of fresh dairy products and infant nutrition to still meet the essential food needs of the local population,” Sacchi said.
One of Danone’s two factories in Ukraine has closed, while the second has resumed operations, he said.
Source: bloomberg.com
