Finnish food group Raisio has announced that it will invest €45 million in developing and manufacturing plant-based, value-added food items.
The move will enable the Benecol maker to consolidate its position in the plant-based food market in Europe.
'Biggest Investment'
Managing director, Pekka Kuusniemi termed it as the company's "biggest investment in organic growth [in] decades."
"The development of a market for responsibly produced plant-based food is only [the]beginning. Inspired by our consumer understanding, our special expertise, and our strong brands, we are developing new types of plant-based products," Kuusniemi explained.
The company will set up a new production line in its carbon-neutral factory for manufacturing the new range of products.
The factory will employ around 30 to 35 people, including staff from the product development team.
The company expects to roll out the new range of food items in the market by 2021.
Eco-Friendly Packaging
The investment will also be used for implementing environmentally friendly packaging, in line with Raisio's sustainability program.
In April of the year, the food group announced that it cut CO2 emissions by 75% compared with data from the previous year.
© 2019 European Supermarket Magazine – your source for the latest retail news. Article by Dayeeta Das. Click subscribe to sign up to ESM: The European Supermarket Magazine.
