8 Apr 2022 17:03

Dr. Oetker leaving Russia, selling business to local management - media

MOSCOW. April 8 (Interfax) - German food product company Dr. Oetker has decided to leave the Russian market and sell its factory in Belgorod to its Russian management, Handelsblatt reported, citing a company statement.

Dr. Oetker earlier suspended exports to Russia, investments in its Russian business, and marketing activity on the Russian market.

Germany's Dr. Oetker produces ingredients and mixes for baking, desserts, canning supplies, and frozen pizzas under the brands Dr. Oetker and Ristorante.

The company began operating in Russia in 1993 after creating a joint venture producing granola bars. Frozen pizzas also began being supplied through distributers in 1993, and supplies of food products from Germany began in 1995. CJSC Dr. Oetker was established in April 1997. The company actively developed distribution in Moscow in 1999-2002 and in Russia's regions starting in 2003. Food production was launched in Belgorod in 2006.

According to the SPARK-Interfax analytical system, CJSC Dr. Oetker became LLC Dr. Oetker in July 2020. The company's revenue in 2021 rose 6.3% to 2.6 billion rubles, and its net profit rose 7.3% to 313.4 million rubles.