Tobacco giant Imperial Brands is selling off its Russian business to investors in the country, it has confirmed.
The maker of Davidoff, West and Gauloises Blondes cigarettes said the registration of the transaction still needed to be finalised with local authorities but it expected the transfer to take place “shortly”.
The Bristol-headquarterd company employs 1,000 people in Russia in its sales and marketing operations and in its factory in Volgograd. The business said it estimated a non-cash write off of around £225m for the transaction, which it expects to be treated as an adjusting item.
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