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

Construction works on the fourth free-range hen barn have been started next to the first three barns which were opened on Wednesday and where EUR 10 million have been invested. Another EUR 3 million will be invested in the new barn, said Auskaps.

Thus, investments in all four free-range hen barns will reach EUR 13 million.

In the fall, Balticovo will start construction of a new production plant where eggs will be sorted, boiled and peeled for HoReCa customers.

"We cannot tell yet the exact amount of investments in the new production plant because the design project is still in progress, and we have not started talks with builders, but these will be several millions of euros," said Auskaps.

By opening the largest complex of free-range hen barns in the Baltic states, Balticovo has also become the largest producer of eggs from free-range hens in the Baltic states, said Balticovo council chairman Valdis Grimze.

The new barns will keep about 400,000 hens, and the egg production capacity is 120 million a year. 

Agricultural Minister Kaspars Gerhards (National Alliance) praised the company's vision about a sustainable and socially responsible production, adding that Latvian local producers are the ones who take care of the local market stability, ensuring fresh, high quality and safe local production for Latvian residents, at the same time, ensuring a significant contribution to Latvia's national economy.

Environment Protection and Regional Development Minister Juris Puce (For Development) underscored the role of Balticovo investments, saying that the company has chosen to make investments at the time when many other companies have suspended their investments due to the pandemic.

In 2018, Balticovo posted EUR 48.669 million in turnover and EUR 5.374 million in profit. The company has yet to release its financial report for 2019.

Balticovo exports 70% of its output to more than 20 countries. The company's largest owner is BCO (95.42%), while the beneficial owners are Tatjana Poplavska and Valdis Grimze.