The U.S.-based multinational already runs a factory in Russia's second city, St. Petersburg, and the A. Korkunov chocolate producer near Moscow, which it acquired in early 2007.
Igor Saveliev, the company's managing director for Eastern and Southern Europe, said Wrigley planned to expand its activities in the confectionery business.
"The company will seek to double the business over the next five years," Saveliev said, adding more factories could be acquired in Russia and other former Soviet republics.
Announcing the $300-million deal to buy Korkunov, Russia's seventh-largest chocolate producer and the leader in the premium-boxed chocolate segment, Bill Wrigley, Jr., executive chairman and board chairman, said: "We have always said we would enter the chocolate segment of the total confectionery business if the right opportunity to create value for the Wrigley Company became available - and this acquisition presents such an opportunity."
The company currently sells its products, including Juicy Fruit, Orbit, Wrigley Spearmint, and Airwaves, in more than 180 countries and maintains 14 factories in several states. Russia is the company's third largest market.
