Investor found for major dairy plant - Agriculture Minister

Latvijas Piens, a Jelgava-based dairy plant which its majority shareholder Trikata KS has put up for sale, has found a new investor, Agriculture Minister Janis Duklavs (Greens/Farmers) said today.

Without identifying the investor, Duklavs admitted that it may not be a local company.

According to unofficial information obtained by LETA, a Greek company could be the dairy plant's new investor.

''I had a discussion with the insolvency administrator, and it looks like we may finally be seeing an end to this whole situation,'' said Duklavs.

''Now the dairy plans will have new ownership, and I hope that they will manage it better than the previous ones,'' the minister said.

As reported, the insolvent dairy cooperative Trikata KS put up its 53.66 percent stake in Latvijas Piens dairy plant up for sale in January.

According to Firmas.lv, the current owners of Latvijas Piens are cooperatives Trikata KS with 53.66 percent, Dzese with 20.94 percent, Latraps with 19.62 percent, and VAKS with 5.87 percent.

Latvijas Piens achieved EUR 28.33 million in turnover in 2014, compared to EUR 37.21 million the previous year. The company also posted EUR 1.26 million in losses in 2014, compared to a profit of EUR 823,805 in 2013.

The EUR 14.79 million Latvijas Piens dairy plant was opened in 2012.

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