Atria announced today (9 May) that it will issue up to 1.1m new shares, which will be offered to separately designated institutional investors in Finland and internationally, in order to raise cash to fund expansion.
“The Atria Group is making major investments to enhance its operations in Finland and to achieve growth in international markets, particularly in Russia,” the company revealed in a statement.
The Finnish food company said that it will invest EUR70m (US$88.8m) to expand its logistics centre in Finland.
In the Autumn of 2005, Atria completed the acquisition of Pit-Product, a leading meat producer in St Petersburg, Russia. The biggest challenge facing Pit-Product, Atria said, is its plan to double production capacity. When this investment is in place, Atria plans to expand into the Moscow market. The total investment necessary will be EUR40m, the company estimated.