18 May 2007 - French dairy group Bel plans to invest 7.39 million euro over the next 3 years in the development of its recently acquired Ukrainian dairy company Shostka, reports the Ukrainian press.
Bel will reportedly finance Shostka's distribution network and brand portfolio development. Bel expects to increase the company’s production capacitiy and introduce new products.
In April, FLEXNEWS reported that the French dairy company acquired Shostka for an undisclosed sum, in a bid to strengthen its position in the eastern European market.
In 2006, Shostka reported sales of nearly USD 44 million. The company, which has a workforce of 1,000, is active in the hard and semi-hard cheese sector.
The Bel Group produces famous cheeses such as the Laughing Cow, Leerdammer, Apericube, Kiri and Minibabybel. The company employs 9,000 people globally and recorded 1.77 billion euro in turnover in 2006.