Finland’s Valio reported to double cheese production in Russia in face of food import embargo
The company plans to open a new production line in Moscow for its Viola cheese brand, the company’s director for Russia, Mika Koskinen told Finnish Yle agency.
According to Frank Schauff, Chief Executive of the Association of European Businesses, the time to invest in Russia is now, as a weaker ruble has made costs priced in euro much cheaper.
Valio, like other EU companies working in Russia, faced problems when Russia hit back at EU-imposed sanctions by banning the import of certain foodstuffs.
However, despite the ban the company’s factories in Russia continued operating.
In 2012, 17 percent of Valio’s turnover, or €341 million came from Russia.
The company also supplies juices, fruit drinks, water and other items that aren’t subject to the import ban.