FDBusiness.com

Romanian Olympus Dairy Industry is investing €30m to boost production at its Brasov plant, as a part of its effort to increase its efficiency and competitiveness.

To fund the investment, the company has secured a seven-year loan of €30m from the Black Sea Trade and Development Bank (BSTDB).

The dairy company also intends to introduce new products to cater to the domestic market and as well as to increase exports to international markets such as Bulgaria and Greece.

The investment will enable the plant to comply with environmental and quality standards for its products that include milk, yogurt, cheese and juices, the company said.

Olympus chairman Dimitrios Sarantis said the plant in Brasov is one of the most developed dairy factories in Europe and it is important for the company to raise standards and maintain its market position.

BSTDB vice president banking Mustafa Boran said the loan has an important development impact through modernisation and export capacity building, as well as in promoting regional trade and investment.

Olympus opened its Brasov plant last November, built with an investment of €55m. The 2,322m² plant features three processing units for yogurt, cheese and milk, and has a milk reception capacity of 40,000l an hour.

In 2011, Olympus reported a turnover of €22.6m, up 11% from the previous year, and the company expects to double its turnover this year. Based in Baraolt, Romania, it is a subsidiary of Greek Tyras.

Currently, 80% of its products are exported to Central and Eastern European countries and the company plans to export its products to Western European markets in future.

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