ST. PETERSBURG, June 5 (RIA Novosti) - Russia's largest brewery Baltika will reduce investments by three two thirds to 100 million euros in 2009, the company's president said on Friday.
Anton Artemyev told RIA Novosti on the sidelines of the St. Petersburg International Economic Forum that Baltika's annual investments were 300 million euros in 2008 and around the same level in previous years.
He said Baltika has decided not to invest in new production facilities as "the market is not growing and our company has enough production facilities."
He added the Russian beer market could shrink by 2-3% in 2009
Baltika owns 11 breweries across Russia, and accounts for 37% of the domestic beer market. Carlsberg holds a controlling stake in the company.
