Oreo-maker Mondelez International said on Thursday it has scaled down operations in Russia and plans to make it a stand-alone business with a self-sufficient supply chain before the end of the year.
The Chicago-based snack maker, which has faced a widening corporate boycott in the Nordic region over its presence in Russia, said it has discontinued new capital investments, product launches and advertising media spending in the country.
"As a result of these actions...overall volumes have declined double digits and both our import volumes and market share have significantly decreased," the company said in a statement.
(Reporting by Savyata Mishra in Bengaluru; Editing by Krishna Chandra Eluri)
