Heineken Takes 100 Million-Euro Hit from War in Middle East

Dow Jones08-05

1245 GMT - The Middle East crisis is still affecting business at brewer Heineken, forcing the company to step up its cost-saving program, finance chief Harold van den Broek says. The greater concern was in the first quarter--when the U.S. and Israel attacked Iran, sparking a war that has yet to reach a resolution--but Heineken was able to secure supply continuity, Van den Broek tells reporters in a call following the brewer's first-half update. Still, the impact has been significant, reaching more than 100 million euros in extra costs, the executive says. "But we are accelerating our savings program to offset that for this year," he says. Heineken said in its update it expects to reach the upper end of a targeted 400 million euros-500 million euros in annual savings.

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