Fazer Bakeries expands its operations by acquisitions to cover all Baltic countries. The company has acquired the majority share of the Lithuanian bakery company Gardésis and has concluded an agreement to purchase the Latvian bakery company Ogres Maiznieks. Fazer Bakeries is the leading bakery company in Finland, operating also in Sweden, Russia and Estonia. Fazer has had a bakery company in Estonia since 1994.

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Fazer Bakeries Ltd acquired in December 2001 the majority share of the Lithuanian bakery company Gardésis. The company was established in 1995 and has a bakery and a flourmill in Lithuania. The bakery is situated in Kaunas, some 100 kilometres north-west of Vilnius. The turnover is € 5.5 million (FIM 33 million) in 2002 and the number of personnel is 180.

Further Fazer Bakeries has concluded an agreement to acquire the capital stock of the Latvian company Ogres Maiznieks as well as the brand Druva. Ogres Maiznieks is a middle-sized bakery company situated not far from Riga. The company’s turnover is € 4.8 million (FIM 29 million) in 2002 and the number of personnel is 200.

“It has been the goal of Fazer Bakeries to strengthen its position in the Baltic market. Gardésis as well as Ogres Maiznieks make bakery products of high quality and their brands are well-known in their respective markets. This is why they suite very well for Fazer’s bakery network. In this arrangement, Fazer’s resources and the local bakeries’ insight into the local market complement each other,” states Paul Taimitarha, Fazer Bakeries’ Managing Director.

Fazer Bakeries is part of the Fazer Group. The turnover of Fazer Bakeries was €270 million (FIM 1.6 billion) in 2001, and the number of personnel is 3,600.

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