Vilvi Group starts construction of €50 million cheese production facility in Latvia
With the laying of a symbolic capsule, Vilvi Group, one of the biggest dairy enterprises in the Baltic States, began building of a new cheese factory in Bauska, Latvia. The facility is the biggest investment project in the Group’s history, with a value of over EUR 50 million.
Additional production capacity of more than 8,000 square metres will be built on the territory of Baltic Dairy Board SIA, the dairy processing plant owned by Vilvi Group.
The project is financed with own funds and Citadele Bank loans. The Latvian Government, through the Latvian State Development Finance Institution ALTUM, will contribute more than EUR 8.5 million to the project.
“The factory’s construction will be completed in 2026. It will be equipped with an automated, robotic and state-of-the-art cheese production facility, creating more than 100 new jobs. We are confident that this plant will not only open up additional opportunities for Baltic farmers but will also allow our customers to enjoy the highest quality products,” said Gintaras Bertašius, CEO of Vilvi Group.
He claims that the new facility will process over 500 tons of milk and make about 50 tons of cheese per day. It is projected that 18,000 tonnes of cheese will be produced year, with the majority of that amount being exported to over 40 countries.
The Mayor of Bauska, Aivars Okmanis, who attended the ground-breaking ceremony, praised the new investments in the city.
“The Vilvi Group’s operations in our municipality are much welcomed, and we think that these investments will have a major positive impact on the economic growth of not just Bauska but also Latvia and the Baltic States. The decision of entrepreneurs to establish new jobs in our municipality attests to the favorable business environment in Bauska, the availability of the necessary labor resources, and the quality of life opportunities for young professionals”, Bauska Mayor A. Okmanis stated.
With an approximate 90% export share, Vilvi Group is one of the biggest dairy processing businesses in the Baltic States. The main export markets are the European Union countries, Asia and other continents.
The Group consists of Vilkyškių pieninė, Modest, Kelmės pieninė, Kelmės pienas, Pieno logistika (Lithuania) and Baltic Dairy Board (Latvia).
Vilvi Group’s net profit for 2023 is EUR 14.6 million, or 15% more than in 2022, when it was EUR 12.7 million. The Group’s EBITDA amounted to EUR 21 million, an increase of 9.1% compared to the previous year.
Additional information and comments:
Gintaras Bertašius
CEO of VILVI Group
+370 655 55001
gintaras.bertasius@vilvi.eu
