29 Apr 2022 18:49

Fazer signs agreement with Kolomensky Bakery to sell Russian business

MOSCOW. April 29 (Interfax) - Finnish baked goods producer Fazer has signed an agreement with Kolomensky Bakery and Confectionery Holding to sell its Russian subsidiary.

The transaction has received all necessary approvals from regulators, including Russia's Federal Anti-Monopoly Service, and will be completed without delay, and all of Fazer's operations on the Russian market will end, the company said in a statement.

The value of the deal has not been disclosed.

"I am pleased that we have signed an agreement for the sale of our Russian business. Exiting Russia is a complex process, and now we are one step closer to achieving a complete and controlled exit," Fazer Group President and CEO Christoph Vitzthum was quoted as saying in the statement.