Finland-based Fazer Group has taken a majority stake in Russian bakery OAO Volzhky Pekar.

The company hopes to double Volzhky Pekar’s €32m turnover in five years, profiting from the booming bakery and snacks markets in Eastern Europe. Fazer Russia plans to increase production by 50% to 75,000 tonnes per year, focusing on fresh bread and pizzas.

Fazer already has operations in Scandinavia, Eastern Europe, the Baltic and the UK.