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"Some parts of the company are in need of modernization. Our butter production line is rather old and unproductive, therefore, we will invest in this field, and other elements of the project involve partial revamp of various units and parts," MPK CEO Aristydas Kulvinskas told BNS Lithuania.

In his words, the project has not yet been started, as the contract on the EU support has not been signed. The project should be completed in 2018.

According to the company's 2015 financial statement, the company intends to purchase new butter production and packaging lines, as well as freezing equipment. The equipment of the butter section will be renovated.

Last year, Marijampoles Pieno Koncern posted revenue of 85.33 million euros, down by 29.8% from 2014, while the net profit declined by a factor of 2.3 to 2.587 million euros. The company produces canned milk, powdered milk, concentrated milk, cream and butter, exporting the bulk of its output.

Eksimeta, a Russian-Liechtenstein joint venture, owns 90% of shares in MPK and Estonia's Eesti Investeeringud holds the remaining 10%.