Announcing the ambitious plans at a press conference in Moscow, the company said that its share of the Russian croutons market currently stands at about 36 per cent, while by the end of 2004 this figure is expected to rise to 42 per cent.
Croutons are one of the leading snacks on the Russian market and currently it is estimated that they account for around 49 per cent of the country's total snack market. Potato chips account for 27 per cent, while nuts, dried squid, salty fingers, pretzels, dried bread rings and other products make up the other main categories.
Bridgetown Foods was established in 1998 and currently has production facilities in Moscow, Vladimir, Novosibirsk and Dnepropetrovsk. The company's primary market focus is Russia's central region, which accounts for 40 per cent of total sales, but the cities in Siberia and Far East, as well as Ukraine and Kazakhstan are also proving to be increasingly impoatant.
Back in the Summer the company launched the first stage of its snack division in Vladimir, at an estimated cost of $6.5 million, which was partly funded by the Russian government. The equipment for the new production facility there was bought using a $2.5 million load from the European Bank for Reconstruction and Development. The facility, which is to incorporate the means to produce both bakery and other snack food items.
In 2002, Bridgetown Foods' trade turnover totaed $34 million, Vasilyev said.