Valio, a Finnish dairy cooperative, has secured €10m ($10.8m) in government funding for its innovative research, development, and sustainable food system project. Named Food 2.0, the project aims to strengthen the food industry in Finland and foster sustainable production. With Business Finland providing the initial funding and promises of future investment, the project is set to last five years.
According to Tuomas Salusjärvi, director of Valio’s growth operations, research, and product development, the collaboration of all stakeholders in the food system will be crucial to the project’s success. He emphasizes the opportunity for Finnish production to meet the growing global demand for food through sustainable food production.
The project sets ambitious goals, including the engagement of at least one hundred partners in the network. Valio and its partners aim to attract a total investment of €100m in research and development activities in Finland over the next five years. Additionally, they seek to increase food system-related exports by more than €1bn in the years following the project.
Valio’s partnership with Business Finland is significant, marking the first time the government organization has chosen a leading company in the food industry. Business Finland’s CEO, Nina Kopola, highlighted the organization’s commitment to reinforcing the project’s objectives.
In another development, Valio recently announced its plans to restructure, which could lead to approximately 130 job cuts. However, the company continues to invest in its home market, as seen with the recent €10m injection to renovate a cold storage area in a Finnish factory to enhance production efficiency.
In light of these industry trends, businesses operating in the food and beverage sector should pay close attention to Valio’s initiatives and the evolving food and drink consumer trends. Staying informed about these developments can provide valuable insights and help companies gain a competitive edge.
