Business
Russia business update – agreement signed
Russia business update – agreement signed.
About this update from British American Tobacco P.l.c.
[{"type":"text","content":"\n\nBritish American Tobacco p.l.c.\n7 September 2023\n \n \nRussia business update - agreement signed\nIn March 2022 BAT announced that the ownership of our business in Russia was no longer sustainable in the current environment and that our intention was to transfer our business. BAT has now formally entered into an agreement to sell its Russian and Belarusian businesses in compliance with local and international laws. \nThe buyer is a consortium led by members of BAT Russia's management team which, upon completion, will wholly own both businesses. Post completion, these businesses will be known as the ITMS Group.\nThroughout the transfer process one of our key priorities has been the interests of our colleagues in Russia and Belarus. As part of the agreement, their employment terms will remain comparable to their existing BAT terms for at least two years post-completion.\nWe anticipate that the transaction will complete within the next month, once certain conditions have been satisfied. Upon completion, BAT will no longer have a presence in Russia or Belarus and will receive no financial gain from ongoing sales in these markets.\nBAT remains confident of delivering its Full Year guidance as set out at our Half Year results on 26 July 2023.\n \nNotes to Editors\n· BAT's operations in Russia include a head office in Moscow, 75 regional offices and a manufacturing facility in St. Petersburg. BAT also has an office in Belarus.\n· At 30 June 2023, on a constant currency basis, Russia and Belarus accounted for approximately 2.7% of Group revenue, and approximately 2.5% of Group adjusted profit from operations.\n \nENDS\nEnquiries\nMedia Centre\n+44 (0) 20 7845 2888 (24 hours) | @BATplc\nInvestor Relations\nVictoria Buxton: +44 (0)20 7845 2012\nAmy Chamberlain +44 (0)20 7845 1124\nJohn Harney: +44 (0)20 7845 1263\nJane Henderson +44 (0)207845 1117\n \nAbout BAT\nBAT is a leading, multi-category consumer goods business with a purpose to build A Better Tomorrow™ by reducing the health impact of its business through offering a greater choice of enjoyable and less risky products for adult consumers.\nThe company continues to be clear that combustible cigarettes pose serious health risks, and the only way to avoid these risks is not...