Drinks empire puts Latvijas balzams into Amber Group

Latvijas balzams, the Latvian-branch distillery of SPI Group companies, will be consolidated together with its neighboring country counterpart distributors and retailers into a Riga-based holding company aptly named Amber Beverage Group, the firm spokeswoman Dana Hasana announced Friday.

While retaining their registered trade names, marks and logos, not to mention management, the yet-to-be registered Amber Beverage Group will unite Latvijas balzams with SPI Distribution Latvia, SPI Distribution Estonia, Bennet Distributors in Lithuania, the liquor store chains Latvijas balzams veikali and Darija in Lithuania. Besides this group, mention was made of an unnamed logistics services firm also planning to join the holding company, reported LETA.

Seymour Ferreira, presented as the board chairman of Amber Beverage Group remarked that the Baltic-level merging will “create conditions for realizing expansive development plans.”

“Thanks to the know-how, experience and resources of the region, a platform for developing new enterprising directions into new markets will be ensured,” he said.

On his part SPI Group chief executive and Amber Beverages Group council chairman Val Mendeleyev noted this to be an essential step in the long-term corporate strategy and a good base for further growth and flexible business solutions.

“The company’s name and visual identity symbolize not just the amber-rich coast, but also the basic principles of business – perseverance, pleasure in your work, speed of service and excellence furthered by team effort,” the executive of the world-famous maker of over 130 booze-brands pointed out.

The Latvian company alone turned over €101.1m in 2013, which was 1.5% up from the previous year. Its profits hit €5.7m, down 3.8% from 2012, attributed to increases in the price of ingredients.

Latvijas balzams paid €58.7m in taxes, €43.4m of those in excise duties.

According to NASDAQ OMX, 1st quarter turnover this year was recorded at €21.8m, up 0.8% from the same period in 2013. Unaudited estimates of profit for the same period show a doubling from the corresponding time frame the previous year at €1.3m.

Latvijas balzams was founded in 1900, and received its currently familiar firm-name in 1970. Currently, its chief (89.53%) shareholder is SPI Regional Business Unit BV.

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Economy
Economy