Ströck announces €11mn expansion

Bakery chain Ströck is investing more than 10 million Euros in its production facilities.The company said today (Fri) that it had started improving and expanding its factories with an 11 million Euros investment.Ströck is one of the biggest bakery companies in Austria and especially strong in the Vienna region where it is competing with Anker, Mann and German discount rival Backwerk which started operating in Austria last March.Ströck’s turnover rose from 68 million Euros in 2004 to 90 million Euros last year. It currently runs 69 branches in Vienna, up from 50 six years ago. The firm, which has more than 1,200 employees, is set to open another eight stores in the near future.The Salzburg Bakers’ Association warned only last month customers must brace themselves for higher bread and pastry prices.The body said a “disastrous” harvest has led to an immense increase of flour trade rates. It named global speculators as responsible for a 300 per cent price hike for cocoa and a 70 to 80 per cent increase of trade rates for flour.