12 July 2007 - Finland's Fazer Group has acquired a majority stake in Russian bakery company OAO Volzhky Pekar, which currently dominates the Tver region's market for fresh bread and coffee bread.
The acquisition of the Russian firm is in line with Fazer’s strategy and will considerably strengthen the group’s presence in the country, Fazer said in a statement.
Volzhky Pekar’s annual turnover stands at 32 million euro. Fazer aims to double it by 2012, the company added.
“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 per cent annually, and today they constitute 14 per cent of the Group’s turnover. Fazer has during the past ten years invested ca 130 M€ in its operations in Russia and the Group’s four bakeries in Russia employ 3 500 people. In April, Fazer Group renewed its organisational structure and the bakery operations in Russia formed a new separate division - Fazer Russia”, said the company.
OAO Volzhky Pekar bakes 45 000 tons of bread per year and employs about 1,800 people.
Founded in 1891, Fazer Group Fazer Group operates in four business areas; Amica, Fazer Bakeries, Candyking and Fazer Russia, in a total of nine countries. Fazer’s most important associated company is Cloetta Fazer AB, a leading confectionery company in the Nordic countries.
Fazer Group‘s turnover for 2006 was recorded at about 1 billion euro. The Group employs approximately 15,000 people.