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Food Union becomes direct owner of Rigas Piensaimnieks dairy company

BC, Riga, 29.10.2018.Print version
yprus-registered Food Union Holding (CY) Public Company Limited (Food Union) has become the sole and direct owner of Rigas Piensaimnieks dairy company. Accoridng to business database reported LETA.

From December 23, 2016, until October 23, 2018, the sole owner of Rigas Piensaimnieks was Cyprus-registered Velbirol Services Limited.

The true beneficiary of both companies - Velbirol Services Limited and Food Union – is Russian businessman Andrey Beskhmelnitskiy.

Rigas Piensaimnieks board member and Food Union financial director in Baltics and CIS, Arturs Cirjevskis, said that the changes are aimed at simplifying Food Union structure, making the management processes more efficient and growth oriented.

As reported, Rigas Piensaimnieks dairy company closed 2017 with EUR 33.532 mln in turnover, up 2.7% against a year before, while its profit grew several times to EUR 5.919 mln.

Rigas Piensaimnieks, established in 1993, makes around 100 products, including the popular Karums curd snack and Dzintars processed cheese.

Rigas Piensaimnieks is a member of Food Union dairy group, which also includes Rigas Piena Kombinats, Valmieras Piens, as well as Premia ice-cream producers in Estonia and Lithuania, Premier Is and Hjem Is in Denmark, Isbjorn Is in Norway, Alpin57Lux in Romania, Ingman Ice Cream in Belarus and Hladokombinat No.1 in Russia, as well as two dairy plants currently under construction in China.

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