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Lifosa to invest EUR 75 mln in production of food-grade phosphoric acid

BC, Vilnius, 22.06.2016.Print version
Lithuania's phosphate fertilizer manufacturer Lifosa, which is owned by Russia's chemical industry concern EuroChem Group, plans to invest approximately 75 million euros in the production of phosphoric acid, the Verslo Zinios business daily reports on June 22nd cites LETA/BNS.

“Now when it looks like the fertilizer sector is facing another crisis because of falling prices, the production of food-grade phosphoric acid would bring us substantial benefit. The outlook for this product is robust and it would improve our competitiveness,” Lifosa CEO Jonas Dastikas told the daily.

 

To expand the production, Lifosa also plans to build new production premises in Kedainiai, Central Lithuania. The company will disclose more details in fall, once the final investment project is ready.

 

Lifosa netted a profit of 61.617 million euros last year, up by 35.2% from 45.579 million euros in 2014. Its sales revenue rose by an annual 18.3% to 412.687 million euros.

 

In 2015, the company invested a total of 11.554 million euros, down from 12.094 million euros in 2014.

 

Swiss-registered Eurochem Group is the sole owner of Lifosa.






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