Several companies around the globe are cutting ties with Russia amid its invasion of Ukraine. This includes several dairy related companies, including the French food group, Danone.
Company shares dropped 3% on Monday after Danone announced it was suspending investments in Russia. The company also closed one of its two factories in Ukraine, however, it did say it would continue to sell dairy and baby food in Russia. Danone generates about 6% of its sales in Russia and the Ukraine. It is the world’s largest yogurt maker.
One of the leading dairy technology companies in the world, Lely, says it is also cutting commercial activities throughout Russia and Belarus. The company said in a release that it was shocked by Russia’s military invasion of the Ukraine. The global supplier of dairy farm robots says it will continue to supply spare parts to existing customers in the country saying that otherwise cow comfort and food supply in the region would be compromised.
