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Milkiland acquires Polish cheese maker


2012-08-02



Milkiland, a diversified dairy producer operating in Russia and Ukraine, on 1 August announced the acquisition of 100% of shares in MSM Ostrowia, a cheese-making factory in Ostrow Mazowiecka (Mazowieckie voivodship), for PLN 49.3m (approx. €12m).

Anatoliy Yurkevych, Milkiland CEO, said Ostrowia was a perfect addition to the group’s asset base. It will give it exposure to the advantages of the Polish dairy sector, such as developed milk supply base, reasonable costs and advanced dairy technologies, and after necessary investments will become one of the largest and best-equipped cheese-making facilities within the Milkiland group. Milkiland sees large untapped potential in Poland for increased dairy exports to the Commonwealth of Independent States (CIS) markets, particularly Ukraine and Russia, and the Ostrowia acquisition has a central role in these plans. Furthermore, it gives the group access to the vast EU market, with its long-term opportunities for growth and business diversification, Mr. Yurkevych said.

Ostrowia makes a wide range of dairy products described by Milkiland as essential to its business, such as hard cheese, curd cheese, yoghurts and processed cheese, and has a strong brand, but is currently in stand-by mode with low capacity utilisation and, despite having undergone a major modernisation in 2003-2007, requires investments to operate at full capacity and to comply with the requirements of the CIS markets. Milkiland plans to complete the necessary investments by the end of this year and to achieve the target capacity utilisation in 2013-2014.

Since 2010 Milkiland is listed on the Warsaw Stock Exchange.



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