Finnish baked goods producer, Fazer Group, has signed an agreement with Moscow-based company, Kolomenskij Bakery and Confectionery, to divest its Russian subsidiary.
Prior to the sale announcement, Fazer had suspended all of its exports and investments to Russia in March. According to the company, the renaming of the Russian subsidiary has been finalised and Fazer’s operations in Russia will come to an end.
Fazer president and CEO, Christoph Vitzthum, said: “I am pleased that we have signed an agreement for the sale of our Russian business. Exiting Russia is a complex process, and now we are one step closer to achieving a complete and controlled exit.”
The company operates three bakery businesses in St Petersburg and one in Moscow and employs 2,300 people. All Fazer employees will be transferred to the new owner.
Terms of the transaction were not disclosed.
© FoodBev Media Ltd 2022
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