News in brief
Lotte Confectionery invests $19.98m in building manufacturing plant in Russia
Lotte Confectionery will invest 22.3bn won (around $19.98m) in building a new manufacturing facility in Russia.
The investment will be first poured into Lotte’s wholly-owned subsidiary, Lotte Confectionery RUS, according to the company.
The plant will mainly produce the company’s signature chocolate-covered snack cake, Choco Pie. However, Lotte did not provide any further details.
The South Korean conglomerate opened its first Russian food plant in Obninsk City eight years ago. The site started by manufacturing Choco Pie to supply Moscow and Ural-Siberian area, and later expanded to include productions of Pepero chocolate chips, Kancho cookies and chewing gum Xylitol.
Lotte is currently the largest chocolate brand in South Korea in terms of market share, followed by Ferrero, Crown Confectionery, Mars and Hershey, according to Euromonitor.
