Greek snack producer Chipita has taken a further step in expansion strategy to capitalise on the larger markets of eastern Europe with the buyout of ZAO Eldi, a bakery plant in St Petersburg, Russia, and its subsidiary handling distribution plant ZAC Krasnoselskaya.
Go deeper with GlobalData
Discover B2B Marketing That Performs
Combine business intelligence and editorial excellence to reach engaged professionals across 36 leading media platforms.
The company already produces packaged snacks in Poland, Romania and Bulgaria, and is focusing distribution on the neighbouring Balkans, the Ukraine and Russia.
The deal, worth US$9m, is expected to enable the company to attain revenue of US$8m in Russia this year. Managing director Constantine Apostolides added that a further investment of US$6m would be made in order to launch production of packaged croissants.
