Latvia: Bauskas alus brewery to receive investments worth LVL392,000 from the European Union

Latvian Bauskas alus brewery has come to an agreement with the Latvian agency for investments and development granting the brewery LVL392,000 for the modernization of its equipment, The Russian Brewers Union released October 09. The sum comes from the European Union’s special funds. The brewery will receive the nominated amount after it completes the project of the modernization.

As Bauskas alus officials said, this project is only a part of a EUR1.3 million modernization plan.

The brewery confirmed that its brewing capacities won’t be increased. Instead, the output of non-alcoholic drinks will be significantly updated. During 2006, Bauskas alus’ beer sales improved by 11% while Veseliba and other non-alcoholic drinks sales increased by 60%.

For the 1H 2006, Bauskas alus sold 26,000 hl of beer, meaning 3.8% of the Latvian beer market. The brewery assumes to end 2006 with a turnover of LVL3.3 million (almost US$6 million). In 2005, the company’s turnover totalled LVL2.93 million and the profit reached LVL119,500.

11 October, 2006