Vilvi Group Launches Construction of New Cheese Production Facility
Vilvi Group, a leading dairy company in the Baltic States, has officially started building a new cheese factory in Bauska, Latvia. This project marks the largest investment in the Group's history, totaling over EUR 50 million.
Investment and Production Capacity
The new facility will add more than 8,000 square meters of production space, situated at the Baltic Dairy Board SIA site, which is owned by Vilvi Group.
Financing and Government Support
The funding for this development will come from internal resources as well as loans from Citadele Bank. Furthermore, the Latvian Government, through the State Development Finance Institution ALTUM, is expected to contribute over EUR 8.5 million to support this project.
Job Creation and Economic Impact
The factory's construction is anticipated to be completed by 2026. With state-of-the-art automation and robotic technology, the facility is expected to generate over 100 new jobs. Gintaras Bertašius, the CEO of Vilvi Group, expressed optimism that this plant will create better opportunities for local farmers and provide customers with high-quality products.
Production Estimates
With ambitious goals, the facility is designed to process more than 500 tons of milk each day, producing around 50 tons of cheese. Annually, it is projected to generate approximately 18,000 tonnes of cheese, most of which will be exported to over 40 countries.
Community Response
Aivars Okmanis, the Mayor of Bauska, was present at the groundbreaking ceremony and emphasized the significance of these new investments for the local economy. He noted that the creation of new jobs showcases Bauska's positive business climate and quality of life for young professionals.
Vilvi Group's Market Presence
With an export share nearing 90%, Vilvi Group is a significant player in the dairy processing industry across the Baltic States. Its main export destinations include various countries in the European Union, Asia, and beyond.
Financial Performance
Regarding financial results, Vilvi Group reported a net profit of EUR 14.6 million for 2023, marking a 15% increase from the previous year's net profit of EUR 12.7 million. Additionally, the Group's EBITDA reached EUR 21 million, reflecting a growth of 9.1% compared to the prior year.
Contact Information
For more information or inquiries, please contact:
Gintaras Bertašius
CEO of Vilvi Group
+370 655 55001
gintaras.bertasius@vilvi.eu
Frequently Asked Questions
What is the total investment for the new cheese factory?
The total investment for the cheese factory is over EUR 50 million.
When is the expected completion date for construction?
The factory is expected to be completed in 2026.
How many jobs will the new facility create?
The construction of the facility is anticipated to create over 100 new jobs.
What are the main export markets for Vilvi Group?
Vilvi Group primarily exports to countries within the European Union, Asia, and other continents.
What was Vilvi Group's net profit in 2023?
Vilvi Group's net profit for 2023 was EUR 14.6 million, a 15% increase from 2022.