Foodstuff, Good for Business, Investments, Latvia, Markets and Companies

Last year, Fazer Group finished its production consolidation project in the Baltics, expanding its existing bakery and building a new cake production plant in Ogre, central Latvia. The company invested over EUR 5 million in the project and created more than 40 new jobs. The turnover of Fazer Group declined slightly from 2014 to EUR 1.58 million last year, while its profit grew to EUR 44.9 million.

Christoph Vitzthum, President and CEO of the Fazer Group, informed that over the past three years Fazer has invested about EUR 100 million in Finland and intends to invest about as much in the next three years, promoting exports and creating new jobs. At the same time, over EUR 22 million have been invested in other countries, with the expansion of the bakery in Ogre and developing a production kitchen in Kavlinge, Sweden, being among the company's most important projects.

Fazer Bakery Baltics Managing Director Mindaugas Snarskis said that the company achieved its main goals for 2015 – the consolidation of production in the Baltics and reinforcing its market position – despite persistent challenges like a shrinking bread market and stiff competition.

In the spring of 2015, Fazer finished its production consolidation project in the Baltics, relocating all its production lines to the bakeries in Ogre and Kaunas.

This year, Fazer Latvija aims to expand in bread market segments with higher added value, with emphasis on the fastest-growing segments like frozen products and snacks, said Snarskis.

Fazer Latvija, established in 2000, has a share capital of EUR 17,182,671. The company belongs to Finland's Fazer Bakeries Ltd., which is a company of Scandinavia's Fazer Group. Fazer specializes in making bread, sweets and cookies, as well as providing food services.