Fazer has signed an agreement to divest its Russian subsidiary
Fazer has signed an agreement with Moscow’s leading bakery company Kolomenskij Bakery and Confectionery Holding for the sale of Fazer’s Russian subsidiary. All relevant authority approvals have been received including the approval by the Federal Antimonopoly Service of Russia (FAS).The transaction will be completed without delay, and thereby all Fazer’s operations in Russia will end. The value of the transaction is not disclosed.
Fazer
“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.” Christoph Vitzthum, President and CEO of Fazer Group comments.
Fazer announced its intention to exit Russia on 6 March and prior to this communicated the suspension of all exports and investments to Russia. Local management has run the operations in Russia independently after the announcement. Since the decision was made, Fazer has worked relentlessly to find a suitable buyer and has simultaneously proceeded with all internal exit preparations, such as the separation of ICT systems. As part of the exit process the renaming of the Russian subsidiary has been finalised and the use of Fazer as a product brand will end.
In 2021, net sales from Russia totalled approximately EUR 157 million, accounting for 13% of total net sales for Fazer Group. The operations include three bakeries in St. Petersburg and one in Moscow. The company employs 2,300 employees. All Fazer’s employees in Russia will transfer to the new owner.
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