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Estonian Vireen to invest EUR 500,000 in 2016

BC, Tallinn, 05.05.2016.Print version
The state-owned Estonian animal waste processing company AS Vireen is planning to make investments worth 500,000 euros in 2016, which are connected to updating the equipment of the company, as well as the African swine fever (ASF) danger, informs LETA/BNS.

Profit of the company totaled 166,000 euros last year. Minister of Rural Affairs Urmas Kruuse decided to regard it as retained earnings, which now total 2.1 million euros. According to Toomas Kevvai, chairman of Vireen's supervisory board and deputy secretary general of the Ministry of Rural Affairs for food safety and R&D, it is a result of the investment need as this year the company is to make investments worth more than 500,000 euros.

 

Kevvai told BNS that the plant's equipment is mostly more than 10 years old and therefore needs to be updated. In addition, investments in connection with the ASF threat need to be made in Estonia, he added.

 

Turnover of Vireen totaled 1.7 million euros last year, down by 100,000 euros on year, while profit totaled respectively 166,100 euros and 192,000 euros. The company's workforce was 26 people in 2015 and labor costs totaled 394,516 euros.






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