/Lavazza is leaving Russia and expects a difficult 2022.
Lavazza is leaving Russia and expects a difficult 2022.

Lavazza is leaving Russia and expects a difficult 2022.

Italian coffee maker Lavazza said on Wednesday that it expects a challenging 2022 due to rising commodity prices, Reuters reports. At the same time, the company reported a sharp increase in profits for 2021

The family business said it had decided to suspend all its activities in Russia. In addition, it will have to temporarily stop the spread in Ukraine. Both because of this and because of rising commodity prices, Lavazza describes 2022 as “extremely complex and challenging”.

Green coffee comes first, but so does packaging. , energy, logistics – and the risks posed by the dramatic current geopolitical situation “, commented Antonio Baravale, CEO.

Price increases are mainly due to problems with the global chain of deliveries and damage caused by meteorological phenomena, explained the Turin-based group.

Earnings before interest, taxes, depreciation and amortization (EBITDA) for 2021 amounted to 312 million euros (337.93 million dollars) ), an increase of 23.3% compared to 2020

Revenues increased by 11% to € 2.3 billion last year. One of the favorable reasons is the recovery in the off-home segment (restaurants, cafes, etc.), which has been hit hard by the COVID-19 epidemic that has blocked people at home.

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