The bank supports Latvian confectionery manufacturer ADUGS with 1.3 mio. EUR
April 23, 2019
The Līvāni confectionery manufacturer, SIA “ADUGS Production”, has invested more than 1.3 million euros in its development with financing from BlueOrange Bank. The allocated funding will be used for purchase of new production equipment, business activity needs, and increase of turnover.
SIA “ADUGS Production” is one of the largest confectionery manufacturers in Latvia and throughout the Baltics. Currently, the company produces more than 200 different types of products, including cookies, crackers, rusks, waffle cakes and a wide range of hand-made culinary delights. Also, the company produces rye and oat crispbread, plain biscuits and rye chips, strengthening its positions in the segment of healthy snacks.
Part of the funding allocated by BlueOrange Bank will be used by the company within the framework of the European Agricultural Fund (EAFRD) for the purchase of new production, dosing and packaging equipment, as well as for increasing turnover. The company is already able to produce up to 2,000 tons of products per month. “The original home recipes and high quality of products combined with innovative manufacturing processes have allowed our company to succeed not only in Latvia but also across Europe. Investments in improving production processes will allow to develop new directions of our production and strengthen the company’s position in foreign sales markets, while maintaining a consistently high price-quality ratio,” says Jāzeps Zukuls, Member of the Board at “ADUGS”.
“We are pleased about the established successful financial cooperation with “ADUGS”. Lending to small and medium-sized Latvian enterprises is one of the priorities of BlueOrange Bank, and we are especially glad that we can provide more and more support to the development of regional enterprises. “ADUGS” is currently one of the few food companies in Latgale and one of the largest employers in the region,” notes Dmitrijs Latiševs, BlueOrange Bank Chief Executive Officer.
Currently, “ADUGS” exports more than half of its production intended for both wholesale and retail trade. The company’s main sales markets are Latvia, Lithuania, Estonia and Germany, but products are also exported to Spain, Portugal, Israel, Finland, Sweden, Great Britain, Ireland, Greece, USA. In Latvia, confectionery products by “ADUGS”, including both the company’s own brands and goods produced for other trademarks, can be found in the shops of the largest trading chains. By special order, “ADUGS” also produces confectionery products for retail networks “Rimi” and “Maxima”.
SIA “ADUGS” was founded in 1997. During 22 years of operation, the company has continuously grown and expanded its product range, becoming a confectionery manufacturer of Baltic significance. The company currently employs more than 250 employees. Over the past two years, the company’s net turnover has exceeded 15 million euros.