Get 40% Off
👀 👁 🧿 All eyes on Biogen, up +4,56% after posting earnings. Our AI picked it in March 2024.
Which stocks will surge next?
Unlock AI-picked Stocks

Jack Daniel's maker Brown-Forman pauses hiring in Russia

Published 03/03/2022, 11:42 AM
Updated 03/03/2022, 11:48 AM
© Reuters. FILE PHOTO: A Whiskey tasting station is seen at the Jack Daniel's distillery in Lynchburg, Tennessee May 10, 2011. REUTERS/Martinne Geller

(Reuters) - Jack Daniel's maker Brown-Forman Corp said on Thursday it has paused hiring for its own distribution business in Russia following the country's invasion of Ukraine.

The company, which gets about 1% of its sales from Russia and has about 80 employees in the country, said on an earnings call it had initially planned to hire more workers for its own distribution business there, which was set to be operational in July.

Currently, Brown-Forman sells its spirits and wine through third-party sellers in Russia. The company did not comment on whether it would stop sales in the country.

Russia's invasion of Ukraine entered its second week and more than one million refugees have now fled Ukraine. Many U.S. companies have been withdrawing sales and pausing operations in both countries since the start of the invasion.

Earlier today, Brown-Forman's European peer Diageo (LON:DGE) paused exports to both the countries and said its priority is the safety of its people in Ukraine and the wider region.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.