Change of ownership of Chemical & Food Aromatic Plant

According to RBC, Phoenix Group holding company has acquired Chemical & Food Aromatic Plant, one of the largest manufacturers of food flavorings in the country.

Phoenix Group has long been operating in the pharmaceutical market. The company owns the Novaya Apteka drugstore supermarket chain. Phoenix Group acquired Chemical & Food Aromatic Plant from individuals – former shareholders of the factory. In 2008, the plant’s production volume is to be increased by 20%. "The manufacture of flavorings is a highly-profitable business," relates Yakov Yeroshevsky, President of Phoenix Group HC. “The enterprise has a developed a dealership network in Russia and the CIS states, its own market. Next year, we intend to increase earnings by 20 %.”

Today, one of the core strategic objectives of the Plant consists of the formation of a marketing strategy in accordance with contemporary realities, with account for tough competition and the prevalence of ingredients of foreign origin. The Plant will develop preserving its team of experienced unique specialists and engaging new managers capable of increasing the overall operational efficiency of the enterprise as a whole. Over the past three months, eight executive specialists have been recruited.