Valio: will close business operation in Russia

Helsinki / FI. (val) «We strictly condemn Russia’s attack on independent Ukraine. Ethically, Valio cannot continue operations in Russia; therefore, we are ending business operation in Russia,» says Annikka Hurme, CEO of Finland’s Valio Group Limited. Valio has one processed cheese factory near Moscow, contract manufacturing partners and sales offices in St. Petersburg and in Moscow. Valio employs approximately 400 people in Russia. Annual sales of Valio in Russia have been approximately 85 million EUR. Valio’s subsidiary in Russia is 100 percent Finnish-owned by Valio. The exit process will start immediately. The decision to end the business and ramp down operation involves many details that we have been working on, and we now could communicate about it. Last week Valio stopped all exports from Finland to Russia and Belarus. In addition, imports of ingredients and packaging materials from Russia to Finland were stopped.

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