Mondelez International (producer of Oreo, Milka, and many other products) has backed on its promise to reduce the company’s presence in russia, prompting some shareholders to renew calls for greater transparency, Bloomberg reports. Earlier, after russia started the full-scale war in Ukraine, the company joined other manufacturers in pledging to work less with the aggressor country.
- In 2024, Mondelez International Inc. removed from its preliminary filing with the Securities and Exchange Commission the words that it intended to turn its russian business into a "standalone" operation.
- In addition, the company removed from its website the policy on reducing its presence in russia.
According to Bloomberg, the removal of such guidance for Russia indicates that the company may be backing on its previous promises to reduce its presence in the country. Although Russia accounted for only 2.9% of Mondelez's net revenue in the third quarter of 2024, this share increased from 2.7% a year earlier. According to the company's latest quarterly report, profitability in russia remains "above historical levels.”
According to a January report by the Kyiv School of Economics, B4Ukraine, and Squeezing putin, Mondelez International Inc. owed the russian government $62 million in taxes in 2023. Since russia's invasion of Ukraine in February 2022, the company's stock price has fallen by about 13%.