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CJ Cheiljedang enters Russian frozen food market via Ravioli

Collected: 2017.06.01

Distributed: 2017.06.05

Source: Go Direct

Korea’s major processed food producer CJ Cheiljedang Corp. has acquired a full stake in Russian frozen food maker Ravioli for 30 billion won ($26.8 million) in a bid to tap into the fast-growing Russian frozen food market.

CJ Cheiljedang said Thursday its acquisition gained final approval from the Russian government for the acquisition. The company was rebranded to CJ Raviollo Rus.

Ravioli

Ravioli, a St. Petersburg-based frozen food firm established in 1994, is the maker of one of top selling Russian-style dumplings known as pelmeni. The company’s annual sales in 2016 reached 45 billion won.

Ravioli

CJ Cheiljedang is hoping to tap into the Russia’s frozen food market through the capital investment. The pelmeni market is worth 1.5 trillion won and growing at an annual 13 percent. Frozen food market is estimated at around 4 trillion won.

The Korean food company plans to invest over 13 billion won into the production facilities and infrastructure over the next two years to turn out Korean-style dumpling under its own brand Bibigo as well. It will introduce its other ready-made menus in the country.

By Lee Hee-soo

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