Citadele Bank (Lithuania)

Producer of dairy mixes Litamilk invests in expansion to Asia and Africa

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Citadele bank granted a €1.2 million loan to Litamilk, a producer of innovative value-added dairy mixes. The loan will be invested in vigorous expansion to the Asian and African markets. The company intends to develop the network of partners and introduce its products to the Nigerian, Moroccan and Saudi Arabian markets.

“I am very happy that there are companies operating at full capacity and actively developing their operations at this difficult time. I am sure that our financing will support Litamilk in their expansion of operations and provide even more opportunities for developing their unique products,” said Darius Burdaitis, Head of Business and Retail Banking of Citadele.

Litamilk assists the manufacturers of ice-cream, chocolate, confectionery and other food products all around the globe in finding the best solutions for purchasing and distribution of raw materials. The company’s research team analyses the formulas and raw materials used by a partner and develops products that allow the producer to reduce the excessive use of raw materials, thus increasing production efficiency.

“2019 was a year of rapid growth for our company. Using the latest technology, our team developed formulas that makes us stand out in the global market. Our people are the source of our development and growth. We have also widened the network of partners who rely on us as a reliable supplier. Today, we are the largest supplier of such specialised dairy products in the Baltic countries. I am sure that the new financial injection will help us reinforce our position as a leader,” said Kotryna Uleckaitė, CEO of Litamilk.

More than 90% of Litamilk’s products are exported to Africa, Asia, Oceania and the Arab world. In 2019, the revenue of Litamilk grew by 74% from 2018 and stood at €20.8 million. 

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