Dove Soap Maker Unilever Completes Russian Exit

British consumer goods firm Unilever said on Thursday it has completed the sale of its Russian unit to Arnest Group, a Russia-based manufacturer of perfume, cosmetics, and household products. The maker of Dove soap and Hellmann's condiments said the sale includes all of its business and four factories in Russia.

Its business in Belarus is also included in the sale. The terms of the transaction were not disclosed. Unilever's exit from Russia is one of the most important decisions by CEO Hein Schumacher, who in his first year at the helm has overseen plans to spin off its ice cream business, lay off as many as 7,500 staff, and focus on 30 key brands to reverse years of underperformance.

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"Unilever has today completed the sale of its Russian subsidiary to Arnest Group, a Russian manufacturer of perfume, cosmetics, and household products. The sale includes all of Unilever’s business in Russia and its four factories in the country. Our business in Belarus is also included in the sale," said Unilever in an official statement.

"Over the past year, we have been carefully preparing the Unilever Russia business for a potential sale. This work has been very complex and has involved separating IT platforms and supply chains, as well as migrating brands to Cyrillic," the company said.

"The completion of the sale ends Unilever Russia’s presence in the country," the statement added.

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