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International Internet Magazine. Baltic States news & analytics Saturday, 08.08.2020, 09:15

Karavela fish cannery to invest around EUR 8 mln in expansion

BC, Riga, 30.07.2020.Print version
Latvia's Karavela canned fish product maker plans to invest around EUR 8 million in expansion and upgrades, the company's marketing head Janis Endele told LETA.

Despite the Covid-19 impact, Karavela continues to implement its development plan, he said. At the beginning of this year, the company decided to relocate part of production operations to separate premises, setting up a new production line at its existing plant. "We are working on a new product that will be able to exist as a separate line," said Endele, adding that Karavela is already testing the production of the new product. 

The marketing director declined to elaborate on Karavela's new product. 

In addition to the new production line, Karavela continues to modernize its existing plant in Vecmilgravis, Riga, with total investments planned in the expansion and modernization projects planned at around EUR 8 million. 

As reported, Karavela closed the first half of 2020 with EUR 51.691 million in turnover and a profit of EUR 5.077 million. 

Karavela, registered in 2001, is one of Europe's largest fish processing companies. Karavela belongs to Andris Bite (24 percent), Janis Endele (20 percent) and Janis Bite (56 percent).

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