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rebranded new name of the chain) Anton Pinsky told TASS in an interview. As followed by bne IntelliNews, iconic American food and beverage brands McDonald's, PepsiCo, Coca-Cola and Starbucks stopped sales of their best-known products in Russia amid the Russian military invasion of Ukraine.
Luzales, the current owner of a former plant previously owned by Swedish furniture retailer IKEA in the Leningrad Region, has announced the relaunch of the facility under the brand Luzales-Tikhvin. In a statement released on Friday, the company revealed that production has resumed at the furniture plant, starting with the manufacturing of solid pine kitchen countertops. The acquisition of the two IKEA plants, located in the Leningrad and Kirov regions, was completed by Luzales in March. This strategic move has allowed the company to take control of these manufacturing facilities and leverage their capabilities to meet market demands. By relaunching the former IKEA plant in the Leningrad Region as Luzales-Tikhvin, the company aims to continue the production of high-quality furniture products while establishing its own brand identity. The initial focus on solid pine kitchen countertops indicates Luzales-Tikhvin's commitment to delivering durable and stylish solutions for the modern kitchen.
Burger chain Vkusno i Tochka has announced plans to establish a hub for producing high-tech food equipment in Russia. According to CEO Oleg Paroyev, the company aims to utilize these tools in its outlets as early as 2023. Paroyev highlighted the company's goal of gradually developing a highly technological production hub within Russia. This hub would initially focus on manufacturing less complex equipment but eventually expand to produce more sophisticated types of high-tech equipment. The objective is to cater not only to Vkusno i Tochka but also to other market participants seeking such equipment.
TJX Companies, a US-based retail company, has confirmed the sale of its 25% stake in Russia's off-price apparel retail chain, Familia. The decision was disclosed in a report released on Monday. According to the report, in the 2023 financial year, which concluded on January 28, 2023, TJX Companies divested its stake in Familia, resulting in impairment spending of $218mn. The sale marks a significant development in the company's investment portfolio. TJX Companies initially acquired the stake in Familia back in 2019 for a substantial sum of $225bn. At that time, the other shareholders of the chain included Goldman Sachs and Baring Vostok, the founders of Familia.
9.2.6 Agriculture corporate news
151 RUSSIA Country Report July 2023 www.intellinews.com