CEO says ruble depreciation favorable for Bonduelle in Russia
MOSCOW, Feb 4 (PRIME) -- French producer of canned foods Bonduelle has improved its position in Russia as the rubleТs depreciation made the company localize production and protect its products from competition with imports from Canada, Hungary, and China, Bonduelle Group CEO Guillaume Debrosse told PRIME on Monday.
УWe have learned to live with this new rubleТs rate, and the situation obliged us to create a more localized production as we produce 70Ц75% of products at a local market. Thus, we can even say that we are winning from countersanctions. A good example is the fact that the weakening of the ruble protected us from imports from Canada, Hungary, and China. This is one of our protection methods,Ф he said.
Bonduelle, operating in Russia since 1995, produces about 280 million cans of preserved foods per year, or about 85,000 tonnes of canned products.