Olvi plc of Finland acquired an 87.5% stake in the Lidskoe Pivo brewery, Peep Akkel, financial manager at Olvi Group Baltics/Belarus, said at the presentation of the new Lidskoe PREMIUM on 12 November.

According to him, in September 2009 Olvi spent €4 million to increase its share in Lidskoe Pivo from 51% to 87.5%. The nominal cost of one share was more than Br600,000.

Around $26 million will be invested in 2010-2012 to expand the product and develop the logistics of the Lida-based brewery, Peep Akkel added .

Lida brewery plant was built in 1876. In 2000 it was transformed into an open joint stock company (OAO). The company makes beer, kvas, juice drinks, soft drinks and low-alcohol drinks, potable water. Olvi plc acquired a controlling stake in Lidskoe Pivo last year (51%). The acquisition price was approximately $16 million. Olvi plc is one of Finland’s biggest beer and soft drink producers. It operates in Finland, Estonia, Latvia and Lithuania. In 2009, Olvi plans to make 450 million liters of beer. In 2009, the trade turnover of the companies is projected to make €255 million.

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