SEB and Swedbank loan for modernization of Pieno Žvaigždės factories | Business

“The pandemic affected the main Lithuanian export markets, so in recent years there has been no shortage of challenges for the entire dairy sector, especially for processors. On the other hand, residents began to produce more at home. Consistent strategy of Pieno Žvaigždžiai’s activity, close connection with consumers, allowed us to increase the popularity of products in Lithuania and achieve some of the best results of the company’s activities in the last few years. In cooperation with our partner banks, we aim to maintain the gained momentum and further strengthen our position in the local market, ”comments Aleksandras Smaginas, General Director of Pieno Žvaigždės AB.

According to him, Pieno Žvaigždės will invest in the modernization of factories and the development of operational capacity. The investments are aimed at more efficient use of raw materials and increasing the production of consumers’ favorite dairy products.

“The concluded credit agreement is a significant result of the continuous and long-term partnership between SEB Bank and Pieno Žvaigždės. And in recent years, and until then, the company has repeatedly seen not only challenges but also new opportunities. This can be an example of a successful and flexible Lithuanian business that adapts to challenges, how to anticipate demand trends, earn and maintain consumer recognition. We value the client’s trust and the opportunity to contribute to the increase and development of the company’s efficiency, ”says Vilius Juzikis, Member of the Board of SEB Bank, Director of the Corporate Banking Department.

“These investments will help the company to meet the growing needs of customers by expanding the product range and increasing production capacity,” says Antanas Sagatauskas, Head of Corporate Customer Service at Swedbank Lithuania.

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Last year, the revenue of Pieno Žvaigždės, one of the largest milk processing companies in the country, amounted to LTL 171.1 million. EUR – 0.3 percent. more than in 2019. The company operates in the Baltic, European and Asian markets. Its brands include natural dairy products “Dvaro”, “Pasaka”, “Greek Amphora”, “Svalia”, “Dwarf” and others.

The shares of Pieno Žvaigždės are quoted on the Official Trading List of the Nasdaq Vilnius Stock Exchange.

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