E-Malt.com News article: 2813

Lithuania: Litmalt, the largest Baltic malt producer, has completed the construction of new plant in Panevezys, Lithuania, under the name UAB Viking Malt. Finland's Viking Malt invested about 100 million litas (EUR 29 million) in new plant construction. Encouraged by successful reconstruction, Litmalt strives to conquer 80 % of domestic malt market, the Respublika daily has reported on June 15.

Reconstruction will boost the capacities of the company to 60,000 tonnes of malt per year, four times greater than before, according to Baltic News Service. However, in 2004 the market demand is expected to reach 50,000 tonnes. The capacities of old plant of the company made up 15,000 tonnes of malt per year. The technical design of the maltings will easily enable capacity to be doubled in the near future, to 120,000 tonnes of malt per year. High-quality malting barley is available locally and the main varieties are Barke and Scarlett, Viking Malt said in a statement.

Meanwhile, the daily predicts a considerable rise in competition on domestic malt market, noting that a small malt plant in Svencioneliai will be commissioned by the end of 2004.

For 2003 Litmalt reported a turnover of 17.2 million litas, a 7.5 percent decline from 2002. This year the company expects its sales to hit approximately 32 million litas.

Company's sales on domestic market made up 14,621 tons of malt last year, almost unchanged from 2002.

Litmalt has an authorized capital of 68 million litas. The Finnish malt producer Viking Malt owns 85.3 percent of the shares. Svyturys-Utenos Alus, Lithuania's number one beer maker, holds the remaining 14.7 percent.

(EUR 1 = LTL 3.45)



21 June, 2004