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International Internet Magazine. Baltic States news & analytics Friday, 29.03.2024, 16:57

Baltic Dairy Board plans on investing EUR 18 mln

BC, Riga, 11.07.2016.Print version
Dairy Board, which two years ago under the name of Sigilo KV bought insolvent dairy company Bauskas Piens and with Russian investors’ help started building a plant last year, is now planning on investing EUR 18 mln in development in the next three years, informs LETA.

The Latvian Agriculture Ministry informs, that the investment plans were discussed during a meeting between the company’s management and representatives of the consultative council for agricultural NGOs, which is chaired by Agriculture Minister Janis Duklavs (Greens/Farmers).

 

Considering the current complicated situation in the Latvian dairy industry, the aim of the meeting was to learn about the company’s operations and experience of conquering new markets for its dairy products.

 

Baltic Dairy Board CEO Kaspars Kazaks told about the plan to invest EUR 18 mln in the dairy plant over the next three years. In five years’ time, the company hopes to increase its output and process 800/1,000 tons of milk/whey a day. There is also a plan to process milk-whey protein to make products with very high added value.

 

At present, Baltic Dairy Board makes milk, whey and lactose products, making powder from milk and whey proteins. The company intends to purchase whey from Latvian, Lithuanian and Estonian cheese and curd producers. The company sells its products in European countries and is planning start shipping products also to the U.S.

 

Baltic Dairy Board reported EUR 9.06 mln in 2015 turnover as compared to EUR 11.94 mln a year before, while its loss reached EUR 551,827 mln last year in contrast to EUR 387,734 profit in 2014.






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