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Olvi Group plans to buy 75% of Lidskoe Pivo shares

 Olvi Group (Finland) intends to acquire 75% of shares of the Lidskoe Pivo Brewery, Peep Akkel, financial manager for the Baltic States and Belarus told reporters on 12 August.

According to him, Olvi might purchase 75% of Lidskoe Pivo shares in September. At present the company owns 51% of the shares.

According to Audrius Miksys, Lidskoe Pivo Director General, the investment in the expansion of production and development of the logistics system will total about $26 million within the next two years which would increase Lidskoe Pivo capacities by 30% in 2010.

The company has already designed a shop floor to bottle beer in special 0.5 litre bottles. The development of a project on the construction of a new building to brew beer and kvass nears completion.

The Lida brewery was built in 1876. In 2000 it was reorganized into an open joint stock company. The company employs more than 900 people.

Olvi plc acquired a controlling stake in Lidskoe Pivo last year (51%). The acquisition price was approximately $16 million. Olvi plc is one of Finland’s biggest beer and soft drink producers. It operates in Finland, Estonia, Latvia and Lithuania. In 2009, Olvi plans to make 450 million litres of beer. In 2009, the trade turnover of the companies is projected to make €255 million.

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