Latvian egg producer Balticovo has reached an agreement on the purchase of a poultry farming company in Estonia, as confirmed by Balticovo board chairman Vladimirs Mhitarjans.
He did not mention the name of the company in question. He only said that it is planned to produce eggs laid by birds kept in free-range conditions. Production is planned to commence in Estonia this year.
“This way we will finally be able to justify our company name Balticovo – because we will be a fully-fledged Baltic-scale company, represented in all three Baltic States,” said Mhitarjans, adding that Balticovo is also the biggest owner of Lithuanian company Litegg.
Mhitarjans said Balticovo has a million birds in Lithuania. This year it is planned to increase the number of birds to 1.5 million. In Latvia, on the other hand, the company has three million hens.
When asked about the plan to completely transition to free-range kept birds by 2027, Mhitarjans said 30% of Balticovo birds are kept free-range.
“If we look at financial investments, the plan is to invest EUR 150 million in the three years to completely transition to free-range kept birds,” said the company’s board chairman.
In 2022 Balticovo operated with turnover of EUR 101.801 million, which is 63.1% more than a year prior. At the same time, the company’s profits went up multiple times, reaching EUR 6.711 million.
Balticovo mainly produces and sells eggs, egg powder, liquid mass of eggs, boiled chicken eggs without shell, boiled chopped eggs. The company was registered in 1992. Its base capital is EUR 5 370 381. The company’s biggest owner, according to Balticovo’s account for 2022 is BCO LLC, which owns 98.13% of Balticovo shares. Firmas.lv data shows that 67% of BCO capital is owned by Tatjana Poplavska, and 33% are owned by Valdis Grimze.
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Latvia’s Balticovo agrees on acquisition of poultry farming company in Estonia
