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International Internet Magazine. Baltic States news & analytics Wednesday, 20.03.2019, 18:11

Orkla Confectionary & Snacks Latvija has invested over EUR 3 mln in development in 2018

BC, Riga, 27.12.2018.Print version
The leading manufacturer of chocolate, pastry products and snacks in Latvia, Orkla Confectionery & Snacks Latvija, invested over EUR 3 mln in development this year, the company's board chairman Toms Didrihsons told LETA.

He said that of the total amount of investments, 75% was earmarked for innovations, increase of capacity, labor and food safety improvements, and 25% was to spend on upgrade of equipment, buildings and premises,

Didrihsons added that this amount does not include investment in the new Laima production plant.

The company's chairman said that the company continues to see the Latvian market as an attractive one with growth potential, and is expecting an increase in profits this year.

The company also plans to continue implementing its long-term investment strategy next year as well.

As reported, Orkla Confectionery & Snacks Latvija, registered in 2009, has a share capital of EUR 1.141 mln. The company belongs to Norway's Orkla, which has acquired 100 % in all companies of the NP Foods group: Laima, Gutta, NP Foods, Staburadze, Staburadzes Konditoreja, Lithuania's Margiris and Detente.

In 2015, Norwegian food group Orkla, which owns Latvia’s NP Foods group, decided to merge Latvian food companies Laima, Staburadze, Latfood and NP Foods into one company, Orkla Confectionery & Snacks Latvija. Also, Latvian Spilva and Gutta companies were merged into Orkla Foods Latvija.

In 2016, the company posted EUR 81.196 mln in turnover, which was by 4.3 % more than in 2016, while the concern's profit reached EUR 3.128 mln.


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