Vilvi Group invests €50 million in Latvian cheese production
Credit: Vilvi Group
Vilvi Group is launching the largest investment project in its 31-year history, the company says. The preliminary plan is to invest around €50 million in new cheese production capacity in Bauska, Latvia, on the territory of the Group’s company SIA Baltic Dairy Board. The project is planned to be completed by 2027, new work places are planned.
The project is financed with own resouces and loans from Citadele Bank. The Latvian Government, through the Latvian State Development Finance Institution, will contribute €8.5 million to the setup.
Vilvi Group is one of the largest dairy processing groups in the Baltic States, with a historical export share of around 90%. The main export markets are European Union countries, and the firm also exports to Asia and other continents. The Group consists of Vilkyškių pieninė, Modest, Kelmės pieninė, Kelmės pienas, Pieno logistika and Baltic Dairy Board in Latvia.
According to preliminary unaudited data, the net profit of Vilvi Group was €14.6 million in 2023, or 15% more than in 2022, when the net profit was €12.7 million. The group’s EBITDA amounted to €21 million, an increase of 9.1% compared to the previous year.
