Sale of Russian subsidiary
We advised Fazer in the sale of its Russian subsidiary to Moscow’s leading bakery company Kolomenskij Bakery and Confectionery Holding. The Federal Antimonopoly Service of Russia (FAS) has approved the sale. Following the sale, all Fazer’s operations in Russia will end.
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. 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, Fazer’s 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 have transferred to the new owner.