Finnish food processing group Atria has revealed today (25 October) that it will invest EUR70m (US$88.09m) in a new meat production plant and logistics centre in Russia.
The new production plants will be built in the St. Petersburg area and construction is expected to be completed by the end of 2008.
In a separate announcement to the Helsinki stock exchange, Atria revealed that the company’s third quarter profits declined from EUR13.9m in the third quarter of last year to EUR12.7m in this year’s Q3.
However, turnover was up 13.5% on last year, rising to EUR281.7m.
Atria said that its profits were hit by various acquisitions in Baltics. The company’s performance in Finland continued to develop strongly while its earnings in Russia had turned positive, the group said.