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Fazer Group Sells Russian Business to Moscow Bakery Kolomenskij

Finnish Group Fazer has sold its Russian subsidiary to Kolomenskij Bakery and Confectionery for an undisclosed sum. Fazer said in early March it would be leaving the Russian market following the invasion of Ukraine, as other Finnish food groups, such as Raisio and Valio.

Fazer said in a statement that all relevant authority approvals have been received for the sale to Moscow-based Kolomenskij. All Fazer’s employees in Russia will transfer to the new owner.

Following the news of the sale, Christoph Vitzthum, Fazer’s president and CEO 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.”

Fazer suspended all exports and investments to Russia prior to making its exit plans known in March. Since then, local management has run the operations in Russia independently, it said.

As part of the exit process, the renaming of the Russian subsidiary has been finalized and the use of Fazer as a product brand will end.

In 2021, Fazer’s net sales from Russia amounted to approximately EUR157m (US$164.8m), accounting for 13% of the company’s total net sales.

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