The French food giant will take a $973 million hit from the exit France’s Danone announced on Friday it was seeking a buyer for the Russian operations of its dairy and plant-based foods unit, adding that a sale could result in a write-off of over $970 million. “This is the best option to ensure long-term local business continuity,” the company’s statement read. It disclosed that the Russian dairy unit accounted for around 5% of the group’s net sales in the first nine months of the year. Danone did not say to whom its Russian business would be transferred, however, a source close to the matter told Reuters the firm
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