The head of Russian food company Nutritek believes the company and its New Zealand dairy operation will be protected from the worst effects of the global recession.
Chief executive Jim Dwyer, on his first visit to New Zealand as the new head of Nutritek, which owns more than 80% of Canterbury dairy processor New Zealand Dairies, says he is impressed with the processing plant.
The plant is in its second year of operation at Studholme, supplying milk powders for Nutritek's range of baby foods, infant formulas and specialist nutritional products.
Nutritek says a combination of the world economic turmoil and heavy devaluation of the Russian rouble is forcing it to restructure its debt and defer expansion plans.
But Mr Dwyer says he is confident that the food business will be able to weather the global economic storm because its specialised focus means it is not so exposed to the commodity price slump.