Baltic Export, Foodstuff, Good for Business, Investments, Latvia, Markets and Companies

Daude indicated that the company has started expanding its production facility and intends to spend EUR 987,000 on this project. The bakery’s expansion has to be completed by the second quarter of 2018. A new ciabatta production line, which Latvijas Maiznieks plans to purchase for EUR 2.8, will be installed in the new premises.

Latvijas Maiznieks has also been busily exploring potential export markets and negotiating new business contracts in various countries, Daude said. At present, the company is participating one of Europe’s largest food industry fairs, Anuga, to meet with potential clients. “Export volumes are growing and the growth is expected to pick up in 2018 when we launch our new ciabatta line,” Daude said.

According to information available from Firmas.lv, Latvijas Maiznieks closed 2016 with EUR 25.033 million in turnover, up 4.5% from a year before, while its profit dropped 13.4% year-on-year to EUR 470,790.

The key owner of Latvijas Maiznieks is Estonian company Maral Invest OU.