One of the world's leading food producers, Switzerland's Nestle, has bought Russia's Vologda baby food factory, Nestle reported in a press release. The value of the deal was not announced.
The Vologda factory, Nestle's tenth facility in Russia, will become the company's first one to produce baby cereals. Nestle's sales in Russia rose 22 percent on the year in 2002 to $700 million.
The company's investments in the food industry and its dealership network in Russia stood at more than $250 million as of December 31, 2002, the Russia Journal reported.
After WWII, the Soviet army left Austria, and the latter had always remained a neutral state and never joined NATO
Russia experienced default on August 17, 1998. Today, 20 years after those events, the economic situation in Russia does not seem stable to many