April 20, 2024
Retail & Consumer
CJ Cheiljedang acquires firm in Russia
[THE INVESTOR] CJ Cheiljedang said on June 1 it has acquired a Russian frozen food company.
The Korean firm has completed a 100 percent-stake takeover of Ravioli, a St. Petersburg-based company that mainly produces frozen packs, in a deal worth 30 billion won (US$26.80 million), it said in a statement. The new wholly owned subsidiary has been named CJ Raviollo Rus.
The takeover will help CJ Cheiljedang make a foray into the Russian frozen food market that is estimated to be valued at about 4 trillion won, it said. Its geographical advantage will also enable the company to tap deeper into the European region and the Russian Commonwealth, the company added.
CJ Cheiljedang said it will spend over 13 billion won on the new Russian unit to boost production and upgrade its facility.
By Alex Lee and newswires (alexlee@heraldcorp.com)
The Korean firm has completed a 100 percent-stake takeover of Ravioli, a St. Petersburg-based company that mainly produces frozen packs, in a deal worth 30 billion won (US$26.80 million), it said in a statement. The new wholly owned subsidiary has been named CJ Raviollo Rus.
The takeover will help CJ Cheiljedang make a foray into the Russian frozen food market that is estimated to be valued at about 4 trillion won, it said. Its geographical advantage will also enable the company to tap deeper into the European region and the Russian Commonwealth, the company added.
CJ Cheiljedang said it will spend over 13 billion won on the new Russian unit to boost production and upgrade its facility.
By Alex Lee and newswires (alexlee@heraldcorp.com)
