VEVEY (dpa-AFX) - Swiss food and beverage company Nestlé S.A. (NESN.SW) on Friday said it is assessing the situation and its options after a Russian presidential decree placed its local subsidiary, Nestlé Russia, under temporary external administration.
'Nestlé is committed to taking all necessary steps to protect its rights and ensure continuity of business operations in the interests of all stakeholders, particularly its employees,' the company said in a statement.
Nestlé operates six manufacturing facilities in Russia, producing coffee, confectionery, baby food and pet care products, and generates nearly 2% of its global revenue from the country.
Nestlé Russia is among the subsidiaries of several major multinational companies, including Danone, Carlsberg, Unipro and Fortum, that have been placed under temporary management or state-appointed administration by Russian authorities.
On the SIX Swiss Exchange, Nestlé shares closed Thursday at CHF 78.33, up nearly 1%.
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