The Lithuanian company Vičiūnai Group will complete its exit from the Russian market in the summer of 2022, once the raw materials purchased at the beginning of the year are exhausted.
A manufacturer of surimi products, fish products and bakery products will sell the business to a foreign or local investor, the company said in a statement, written by NV.
“The Vičiūnai Group unconditionally supports Ukraine’s struggle for independence, therefore, it has firmly and repeatedly publicly confirmed its decision to completely withdraw from the Russian market,” the company said in a statement. .
The list of potential buyers of Vičiūnai Group’s assets in the Russian Federation includes more than 30 companies. In particular, it is companies from China, Thailand, Russia, Vietnam, India, South Korea and some countries in the Middle East, as well as in Europe.
At the same time, the company’s plant in the Kaliningrad region is still operating “due to the details of the food industry.” The company noted that the raw materials used in the manufacture of surimi products were purchased in advance in frozen form and in large quantities, as supplies depended on the season.
Typically, such quantity of raw material is purchased as required for approximately half a year of production. The company will make such a purchase at the beginning of 2022, Vičiūnai Group added.
Currently, all production in the Russian Federation is carried out from raw materials stored by the plant in its own warehouses. New raw materials are not purchased.
“More than 200 sea containers with raw materials were returned to suppliers at the beginning of the Russian invasion. Thus, production will automatically stop when the available raw materials are exhausted,” the company added.
The Vičiūnai Group stressed that they are determined to completely leave the Russian market and direct the development of their business to the West.
Recall that earlier the German concern Siemens announced that it would leave the Russian market due to the Russian Federation’s full invasion of Ukraine.
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Source: korrespondent
I am David Wyatt, a professional writer and journalist for Buna Times. I specialize in the world section of news coverage, where I bring to light stories and issues that affect us globally. As a graduate of Journalism, I have always had the passion to spread knowledge through writing.