Raisio, the Finnish firm behind brands such as Benecol, Elovena, Sunnuntai, Torino and Benella, has announced it is investing an estimated €45 million ($50.8 million) in a production facility for the development and manufacture of plant-based added-value products.
Describing the investment as a response to the strong growth in demand for plant-based food, particularly in European markets, Raisio said it was continuing to invest in the growth of the cholesterol-lowering Benecol brand, and that it would also establish a European business based on its expertise in oats and plant-based food.
The investment follows a recent announcement by Raisio’s compatriot Fazer that it also planned to make a significant investment in plant based foods.
Commenting on the move, Raisio president and CEO Pekka Kuusniemi said: “This investment is the biggest one in organic growth for Raisio in decades and one of the most robust in the Finnish food sector lately. The development of the market for responsibly produced plant-based food is only beginning. Inspired by consumer insight, our special expertise and strong brands, we will develop new plant-based products”.
Source: Raisio (via Globe Newswire)