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11.07.2016 Baltic Dairy Board plans on investing EUR 18 mln

Dairy Board, which two years ago under the name of Sigilo KVbought insolvent dairy company Bauskas Piens and with Russian investors helpstarted building a plant last year, is now planning on investing EUR 18 mln indevelopment in the next three years, informs LETA.

The Latvian Agriculture Ministry informs, that theinvestment plans were discussed during a meeting between the companysmanagement and representatives of the consultative council for agriculturalNGOs, which is chaired by Agriculture Minister Janis Duklavs (Greens/Farmers).

Considering the current complicated situation in the Latviandairy industry, the aim of the meeting was to learn about the companysoperations and experience of conquering new markets for its dairy products.

Baltic Dairy Board CEO Kaspars Kazaks told about the plan toinvest EUR 18 mln in the dairy plant over the next three years. In five yearstime, the company hopes to increase its output and process 800/1,000 tons ofmilk/whey a day. There is also a plan to process milk-whey protein to makeproducts with very high added value.

At present, Baltic Dairy Board makes milk, whey and lactoseproducts, making powder from milk and whey proteins. The company intends topurchase whey from Latvian, Lithuanian and Estonian cheese and curd producers.The company sells its products in European countries and is planning startshipping products also to the U.S.

Baltic Dairy Board reported EUR 9.06 mln in 2015 turnover ascompared to EUR 11.94 mln a year before, while its loss reached EUR 551,827 mlnlast year in contrast to EUR 387,734 profit in 2014.

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