"We want to remain flexible and react clearly to the market. Now our goal is to strengthen the strategic brands and develop a joint venture with Bystrov. We are not planning any acquisitions in the near future," he said.

Nestle Food said earlier that it was planning to set up a joint venture with Bystrov with the former company holding a majority stake.

An agreement the two companies signed says Nestle and Bystrov will jointly produce and sell prepared kasha under the Bystrov, Bystrenok and Bystrenok Baby trademarks. The company's production facilities are located in St. Petersburg.