Russian “daughter” Danone will change its name in September

Danone Russia will be renamed H&N in September, follows from the company’s letter to its counterparties, transmits “RIA News”.

“We hereby inform you about the forthcoming change in the name of the legal entity of the Danone Group in Russia, namely JSC Danone Russia, from September 18 to September 24, 2023… The new name is… H&N Joint Stock Company”, the letter says.

All details, as well as issued powers of attorney, are saved, added to the company.

The French Danone began to manufacture products under its own brands at Russian factories in 1994. As of 2022, the French corporation had 13 enterprises in the country. In 2021, the revenue of Danone’s Russian assets amounted to 122.7 billion rubles, net profit – more than 10 billion rubles. In 2022, these assets were excluded from the group’s general reporting. Since October last year, Russian business has been taken over by local management.

On July 16, Russian President Vladimir Putin signed a decree according to which the shares in the Russian subsidiary of Danone, owned by foreign companies, are transferred to the temporary administration of Russia. According to the document, 83,000 and 85,000 Danone Russia shares owned by Produits Laitiers Frais Est Europe and Danone Trade were transferred to the Federal Property Management Agency. At the end of July, Danone announced writing off 200 million euros after the transfer of assets to the management of Russia.