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European bank invests in Russian cake maker
19 May 2011: The European Bank (EBRD) has bought a Euro 10 million (approx Rs 64 crore) stake in Russian cake and biscuit producer Hlebprom.
The proceeds are to be used for improvements in Hlebprom’s production facilities by investing in new, automated equipment. Hlebprom will replace old equipment, such as ovens and chillers, with more energy efficient alternatives. This will have a positive impact on the company’s carbon footprint and reduce energy bills. The improvements will also shorten the production cycle and consequently increase the freshness of Hlebprom’s cakes, he added.
A producer of flour-based confectionaries and chilled cakes, Hlebprom is a regional company with its main production site in Chelyabinsk (Urals), Russia.
Source: Bakery and Snacks