Vilvi Group Announces Major Cheese Facility Construction
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Vilvi Group Begins Construction of Cheese Production Facility
Vilvi Group, one of the largest dairy enterprises in the Baltic States, has officially commenced the construction of a new cheese factory in Bauska, Latvia. This project represents the most significant investment in the Group's history, with a total value exceeding EUR 50 million.
Investment and Production Capacity
The upcoming facility will feature additional production capacity of over 8,000 square meters, located at the site of Baltic Dairy Board SIA, the dairy processing plant owned by Vilvi Group.
Financing and Government Support
The development project will be financed through internal funds as well as loans from Citadele Bank. Additionally, the Latvian Government, via the State Development Finance Institution ALTUM, is set to contribute more than EUR 8.5 million to support this initiative.
Job Creation and Economic Impact
The anticipated completion date for the factory's construction is in 2026. Equipped with modern automation and robotic technology, the facility is projected to create over 100 new jobs. Gintaras Bertašius, CEO of Vilvi Group, expressed confidence that this plant will enhance opportunities for local farmers and allow customers to enjoy high-quality products.
Production Estimates
With high expectations, the new facility is designed to process over 500 tons of milk daily, yielding approximately 50 tons of cheese. Annually, the plant is expected to produce around 18,000 tonnes of cheese, with the majority destined for export to more than 40 countries.
Community Response
Aivars Okmanis, the Mayor of Bauska, attended the ground-breaking ceremony and highlighted the importance of these new investments for the local economy, stating that the establishment of new jobs reflects Bauska's favorable business environment and quality of life for young professionals.
Vilvi Group's Market Presence
Having an export share close to 90%, Vilvi Group stands as a major player in the dairy processing sector within the Baltic States. Its primary export markets include countries within the European Union, Asia, and beyond.
Financial Performance
In terms of financials, Vilvi Group reported a net profit of EUR 14.6 million for 2023, representing a 15% increase from the previous year's net profit of EUR 12.7 million. Furthermore, the Group's EBITDA reached EUR 21 million, reflecting a 9.1% growth compared to the prior year.
Contact Information
For additional information and inquiries, 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.
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