RDIF, La Lorraine Bakery Group agree on joint investments in Russian food industry
ST. PETERSBURG. June 4 (Interfax) - The Russian Direct Investment Fund (RDIF) and Belgium's La Lorraine Bakery Group (LLBG), one of the leading producers in Europe of bakery products, have agreed on the joint development of projects in bakery production and distribution in Russia, the RDIF said in a press release.
The announcement was made on the sidelines of St. Petersburg International Economic Forum.
Cooperation will be carried out through investment in La Lorraine Russia - La Lorraine's existing affiliate in Russia. The partnership will significantly increase the scale of La Lorraine's operations and localize the production. On June 7, the construction of company's local plant in the Kaluga region will start.
La Lorraine's strategy is focused on expanding the business and increasing market share in Russia with a total initial investment of almost 50 million euros. The local production will make high-quality affordable bakery goods available for retail and food service customers and consumers in Russia.