KFC, Pepsi, Coke, McDonald's: Mega US corporates take a break in Russia
More American brands joined the bandwagon of corporates packing up and leaving Russia, 14 days since Moscow announced a full-scale invasion into Ukraine.
FollowMore American brands joined the bandwagon of corporates packing up and leaving Russia, 14 days since Moscow announced a full-scale invasion into Ukraine.
Brands like Pepsi, Pizza Hut, McDonald's, Coca Cola, KFC and General Electric -- all of whom symbolize US corporate might -- have temporarily suspended their business.
McDonald's
McDonald's President and CEO Chris Kempczinski informed his employees about the company's decision through an open letter. Stating that the company cannot ignore the needless human suffering unfolding in Ukraine, Kempczinski said the company will temporarily close 850 stores across Russia. The Chicago-based burger giant will, however, continue to pay its 62,000 employees in Russia. They have poured their heart and soul into our McDonald's brand, said Kempczinski.
PepsiCo
PepsiCo announced the partial shutdown of its business in Russia. The New York-based firm said it will suspend sales of beverages in Russia. Capital investments and promotional activities have also been suspended. PepsiCo, however, clarified that it will continue to produce milk, baby formula and baby food. The company said that the decision to keep the milk and baby food section going was to support the country's 40,000 agricultural workers and 20,000 employees who are part of the supply chain.
General Electric
GE took to Twitter to announce the suspension of its operations in Russia. GE said that with the exception of providing essential medical equipment and supporting existing power services to people in the region, the company was suspending operations in Russia. It further states that the company will "work closely" with the proper authorities to ensure compliance with sanctions as well as laws and regulations.
KFC & Pizza Hut
Yum! Brands, the parent company of KFC and Pizza Hut, informed that it had suspended all investment and restaurant development in Russia and was considering additional options. The company further said that all profits from operations in Russia will be redirected to humanitarian efforts. To note, the company operates 1,000 KFC restaurants and 50 Pizza Hut outlets in Russia.Â
