Olympus Romania gets EUR 30 million loan to boost production

Newsroom 14/03/2012 | 14:29

Greek dairy producer Olympus estimates that the turnover of its local division will almost double this year to EUR 40 million, most of the growth coming from exports. Last year it amounted to EUR 23 million, out of which EUR 20 million came from exports.The same trend will be maintained over the next years as the dairy producer estimates that 80 percent of its production will be exported. So far, the Olympus products which are made in Romania are sold in Eastern European countries but the company’s target is to reach Western European markets and US in future years.

Olympus announced this week that it has obtained a loan worth EUR 30 million from the Black Sea Trade and Development Bank (BSTDB) which will be available over the next 7 years. The money will be mainly used to increase the production capacity of the company’s dairy factory in Halchiu, Brasov county. This will enable the company to increase its exports, said Olympus representatives.

The factory in Halchiu was opened last year following a EUR 55 million investment from the company’s own funds. It covers 25,000 sqm and at full capacity can process 40,000 liters of milk per hour and produce up to 120 tons of yogurt, 100 tons of white cheese and 16,000 liters of PET milk per day. Production started last June and currently the factory works at 25 percent capacity. By year end this should increase to about 5- to 60 percent.

Part of the Tyras group of companies, Olympus was set up in Greece in 1965 as a family business and is now on its third generation The Greek producer has been present in Romania since 1999 when it bought a dairy factory in Baraolt, Covasna county, which, following the opening of the new unit, has been closed. The company also owns a 23 percent stake in local dairy firm Prodlacta and it also acquired local cosmetics producer Elmiplant in 2007.

Simona Bazavan

In picture: Mustafa Boran, vice president BSTDB and Dimitrios Sarantis, chairman of Olympus, after signing the loan agreement

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