Nestlé is assessing its options after Russia placed the Swiss giant's operations in the country under "temporary administration".
A decree signed by Russian President Vladimir Putin yesterday (17 September) adds stakes in Nestlé Russia and Nestlé Kuban to the list of assets subject to temporary administration.
The interests, held by Société des Produits Nestlé and Nestlé Deutschland, will be managed by Russian joint-stock company LEV Management. Both companies are part of the wider Nestlé Group.
"Nestlé takes note of Russia's presidential decree, published yesterday, that places Nestlé Russia under temporary external administration," the company said today (18 September). "The company is assessing the situation and its options."
The Swiss group added it is "committed to taking all necessary steps to protect its rights and ensure continuity of business operations in the interests of all stakeholders, particularly its employees".
The decree places 84.082% of Nestlé Russia, owned by Société des Produits Nestlé, and 15.918%, owned by Nestlé Deutschland, under temporary administration.
It also covers 67.44% of Nestlé Kuban held by Société des Produits Nestlé and ...