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Russia and Finland to Create Joint Spirit Plant
21.12.2011 17:00
Russia and Finland to Create Joint Spirit Plant

Russian and Finish alcohol producers Rosspirtprom and Saimaa Beverages will create a joint company under the name of Joint Spirit Plants. The ally has been approved by the Russian Federal Antimonopoly Service.

The Russian Rosspirtprom will own 51 % stock in the joint company, while Finnish Saimaa Beverages will have 49%. Rosspirtprom will bring in shares of its four plants into the new company, Saimaa Beverages will invest $ 30 million and bring in shares of its two spirit plants. At that the volume of production of the two Finnish plants are equal to those of four Russian plants.

The four plants of Rosspirtprom have produced 562 thousand dal of spirit for the last nine months. This makes 2-3% of total spirit production in Russia. The joint company is expected to hold 6% of Russian spirit market.

Saimaa Beverages is one of the largest Finnish producers of spirit. The company has been working in Russia via its subsidiary Organic Vodka Group, which is famous for its brands Drova, Grelochka and Suomi.

Author: Irina Fomina

Tags: vodka     

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