Foodstuff, Good for Business, Industry, Latvia, Markets and Companies

This last accounting period cannot be compared with its performance results of the previous, full fiscal year.

The company’s management said in the report that during the second half of 2017 Latvijas Piens owners continued to invest in production equipment and the company employed an estimated 96 people.

In the future, parent company Eximo Agro-Marketing AG will continue to help Latvijas Piens expand to foreign markets, which is expected to improve its financial results and profitability.

The company also intends to increase production and develop new products, attract new partners on export markets, as well as promote and develop the Trikata brand on the domestic market.

As reported, Germany's Fude + Serrahn Milchprodukte has become the strategic investor of Latvijas Piens by acquiring a 75.1% stake in the Latvian dairy company from its majority shareholder, Latvian agricultural cooperative Latraps. After the deal, 75.1% of Latvijas Piens shares belong to Eximo Agro-Marketing, which is a subsidiary of Fude + Serrahn Milchprodukte, 14.5% belong to Latraps, 8.5% to dairy cooperative Dzese and 1.9% to agricultural cooperative VAKS.

During the last fiscal year that lasted from July 1, 2016, until June 30, 2017, Latvijas Piens generated 23.164 mln euros in turnover and sustained loss worth 2.655 mln euros.

Latvijas Piens is a company founded by Latvian agricultural companies in late 2012. Since 2014, the company has been focusing on making cheese.