Finland’s Fazer Staff has bought its Russian subsidiary to Kolomenskij Bakery and Confectionery for an undisclosed sum.
Fazer follows fellow Finnish meals teams Raisio and Valio in promoting Russian property to native consumers.
Bakery-to-confectionery trade Fazer stated in early March that it could be leaving the Russian marketplace following the invasion of Ukraine.
Fazer stated in a remark that every one related authority approvals had been gained for the sale to Moscow-based Kolomenskij.
Christoph Vitzthum, Fazer’s president and CEO, stated in March the corporate noticed “no different resolution than to go out Russia”.
Following the scoop of the sale, he stated: “I’m happy that we’ve got signed an settlement for the sale of our Russian trade. Exiting Russia is a posh procedure, and now we’re one step nearer to reaching a whole and regulated go out.”
Fazer suspended all exports and investments to Russia prior to creating its go out plans recognized in March. Since then, native control has run the operations in Russia independently, it stated.
As a part of the go out procedure, the renaming of the Russian subsidiary has been finalised and using Fazer as a product logo will finish.
In 2021, Fazer’s web gross sales from Russia totalled roughly EUR157m (US$164.8m), accounting for 13% of the corporate’s overall web gross sales.
The operations come with 3 bakeries in St. Petersburg and one in Moscow. The corporate employs 2,300 staff. All Fazer’s staff in Russia will switch to the brand new proprietor.
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