Fazer: expands its bakery operations in Russia

Helsinki / FI. (fg) Fazer initiates strategic co-operation with the Tver bakery OAO Volzhky pekar by purchasing the majority of the bakery´s share capital. Volzhky pekar is the leading producer of fresh bread and coffee bread in the Tver region. Its turnover is 32 million Euro and it employs about 1.800 people. The common goal is to double the bakery’s turnover in five years. Co-operation with Volzhky pekar in line with the Group’s strategy considerably strengthens its position as one of the leading bakery companies in Russia, Fazer says in a statement. On an annual basis, the OAO Volzhky pekar bakery bakes 45.000 tonnes of bread, 5.000 tonnes of bagles and 5.000 tonnes of different flour confectionery products. It employs 1.800 people and the annual development of its turnover has been around 20 per cent being 32 million Euro in 2006. The bakery has continuously delevoped its operations and invested in new production equipment and expanded its assortment. Volzhky pekar is situated in the town of Tver 160 kilometer North-West of Moscow and 500 kilometer South-East of St. Petersburg in the Tver region with 2,5 million consumers. Volzhky pekar is the most significant bakery in the area. Fazer is one of Russia’s leading bakery companies. During the past three years, Fazer’s bakery operations in Russia have grown at an average rate of 39 percent annually, and today they constitute 14 percent of the Group’s turnover. Fazer has during the past ten years invested 130 million Euro in its operations in Russia and the Group’s four bakeries in Russia employ 3.500 people.
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