Last update: 17.06.2021 08:16 (GMT+3)

VLP: Company “Modest”, owned by Vilkyškių pieninė, will receive the EU support of 2.1 million Litas

05.07.2006, Vilkyškių pieninė, VLN
JSC Vilkyškių pieninė   Stock exchange release       05-07-2006

Company “Modest”, owned by Vilkyškių pieninė, will receive the EU support of 2.1 million Litas
(0.61 mln. EUR)

UAB “Modest”, owned by one of the most modern Lithuanian cheese producers AB Vilkyškių pieninė,
will receive the support of the EU Structural Funds of over 2.1 million LTL (0.61 mln.EUR).
For these funds the company is planning to streamline the production capacity – to implement
new milk processing technologies and modern „Mozzarella“ cheese production-packaging line,
moreover to renew the park of the means of transportation of special milk and milk products.

„Upon implementation of the project, supported by EU, we expect to increase the competitive
ability and efficiency of the activities of „Modest“ as well as expand the production
of the products of the higher surplus. Moreover, the modernization of the production
of the enterprise will open new export prospects to the markets of EU countries, which
are yet not entered by „Modest““, – said Gintaras Bertašius, Director General of Vilkyškių pieninė.

According to him, investment to the project of modernization, will also enable the company „Modest“
to fully implement high EU quality requirements of the environment control, sanitation, hygiene,
and food in the entire milk processing chain – from the collection of raw material to the presentation
of the production to the consumer.

Support, received from EU, will constitute 44 percent of the total value of the project of „Modest“.
It is planned that “Modest” will budget approximately half of these funds to streamline the production
line of the main product, produced by the company – „Mozzarella“ cheese. According to G. Bertašius,
this meets the strategy of the production of the products of higher surplus of the enterprise.

Company Vilkyškių pieninė has acquired 80.24 percent of the shares of UAB “Modest”, operating
in Širvintos region, in the beginning of this year. According to the audited data, the income
of AB Vilkyškių pieninė in 2005 amounted to 91.708 million Litas(26.56 mln.EUR), i.e. 22.1 percent
more than in 2004, when it reached 75.101 million Litas (21.75 mln.EUR). Net profit of the company
last year amounted to 4.28 million LTL (1.24 mln.EUR).

Further information:

Vilija Milaseviciute
JSC Vilkyškių pieninė, Economist - Analyst
Phone: +370 441 55 102

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