Orion, a major confectionery company in Korea, said on Dec. 7 its Russian unit will invest US$81.3 million in the next three years to build a new factory to meet the growing demand for its products in the Eurasian market.
The construction of the new production facility in the Tver Region will begin early next year and is planned to be completed by 2020, the company said in a regulatory filing.
Orion said that, when construction is complete, the factory will be six times larger than the one already operating in the area and will produce up to 200 billion won ($183 million) worth of snacks annually.
“The new plant will be our outpost to tap deeper into the Russian market, as well as a cornerstone to make forays into Eastern Europe and other European Union countries,” a company official said.
By Alex Lee and newswires (email@example.com