Olvi plc, the largest Finnish-owned brewery and soft drinks company will stop exporting to Russia and Belarus, suspend investments in Belarus and start withdrawing from the Belarusian market. Olvi is since 2008 owner of Lidskoe Pivo, “the largest Belarusian company producing beer and beverages” (according to its own website). “Planning for the implementation of the withdrawal will begin immediately while taking care of employees,” Olvi plc's Board of Directors announced today.
Due to the uncertainty caused by the war in Ukraine and the above-mentioned decisions, Olvi will as well cancel its financial outlook for 2022 which was “expected to remain on the previous year's good level."
"The situation in Ukraine is extremely serious and our thoughts are on the side of the war-torn Ukrainians. We strongly condemn the attack on Ukraine. We are committed to working in accordance with Olvis' values and this is the only sensible decision to ensure a long-term and responsible operation. ", says Pentti Hakkarainen, Chairman of the Board of Olvi in a press release.
Lidskoe Pivo currently employs 840 people in Belarus. 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. Olvi’s exports from Finland and the Baltic countries to Russia are approximately 13.5 million euro. Exports from Lidskoe Pivo to Russia account for about a quarter of the company’s net sales.
