Finnish Fazer says to invest 10 mln euros in Russian bakeries

HELSINKI, Aug 17 (PRIME) – Finnish food manufacturer Fazer will invest 10 million euros to upgrade its four Russian baking facilities in St. Petersburg and Moscow, the Russian-Finnish Chamber of Commerce said on Tuesday.

“Fazer intends to invest actively in upgrading its facilities in Russia and purchasing new equipment both for its St. Petersburg and Moscow plants in 2021. The total sum will amount to 10 million euros,” the company said in its statement.

At the moment, the company is working in St. Petersburg to diversify the product range and expand the capacities producing high-demand goods to be sold across all Russia, and improve production flexibility, the chamber said.

Fazer’s Russian division profit amounted to 384 million rubles in 2020. The company invested 308 million rubles in Russia in 2020.

Fazer Group, established in 1891, is a Finnish family business specializing in bakery, confectionery, biscuit and cereal products. Fazer operates in eight countries and exports to 40 countries.

End