The Russian subsidiary of Spanish sugar confectioner Chupa Chups has hooked up with Turkish counterpart Kent Gida to establish a new operating company in Russia. The new entity, to trade as Chupa Chups Kent, has been set up with seed capital of US2.0m.
Located in the vicinity of Saint Petersburg, it will initially manufacture chewing gums before expanding into other products. It is owned 50-50 by its two backers.
The news comes as further evidence of a gradual renewal of faith in Russia as it continues to recover from the economic crisis which affected the region in the late 1990s. Many Western confectionery manufacturers withdrew from the country or significantly scaled back operations, and we are now seeing a steady return.
To view related research reports, please follow the links below:- The Confectionery Market – Global trends and developments |
