Finnish food manufacturer Fazer is modernizing the production facilities of its four bakeries in Russia with an investment of around 10 million euros, according to the Finnish-Russian Chamber of Commerce.
Fazer owns three bakeries in St. Petersburg and one in Moscow.
“In 2021, Fazer plans to actively invest in the modernization of its production facilities and the purchase of new equipment, both in Moscow and in St. Petersburg. The volume of investments is about 10 million euros, ”the message says.
The company is currently working on investment projects at sites in St. Petersburg, which will significantly expand the range of products, increase capacity in rapidly growing deficit categories for supplies in the Russian Federation and increase production flexibility, the report says.
Earlier it was reported that the profit of the Russian division of Fazer in 2020 amounted to 384 million rubles. The total volume of the company’s investments in Russia in 2020 amounted to 308 million rubles.
Fazer Group is a Finnish family company founded in 1891, the core of the business is the production of bakery, confectionery, biscuits and grain products. Fazer operates in eight countries and exports to 40 countries.