OREANDA-NEWS. AS “OlainFarm” has acquired 47.5% shares in the third largest Latvian pharmaceutical manufacturer SIA “Silvanols”. It is expected that another 20% or more will be acquired in the nearest future. This acquisition will allow both companies to expand their product groups and portfolio and enter and expand into new markets.

Olaine, 2013-05-02 09:41 CEST (GLOBE NEWSWIRE) -- “Over last several years OlainFarm has made significant investments in expansion of its product portfolio, sales markets and business segments. Acquisition of Silvanols is yet another step towards vision of OlainFarm to become a leading producer of finished dosage forms and chemical products in the Baltics, whose products is well known and available throughout the world. We see a very good opportunity to increase the speed of growth by merging expertise, experience and export potential of the two companies and by creating and developing joint projects,” says Salvis Lapins, Member of the Board of AS “OlainFarm”.

Co-owner and the Board Member of SIA “Silvanols” Ieva Leimane notes that “this is a logical next step in company’s development. Having a new shareholder in Silvanols will help the company to develop faster, improve its logistical systems, and, what is particularly important, will provide new export markets for the company. I am sure and our recent experience confirms it, that our products are veru compatitive not only in Latvia but also abroad.”

Chairman of the Board of SIA “Silvanols” Viesturs Gurtlavs emphasizes that “changes that have occurred to list of company’s shareholders will facilitate inflow of new knowledge and experience into Silvanols which will be yet another boost for competitiveness of the company internationally and domestically”.

After the transaction Board Member of Olainfarm Mr. Salvis Lapins has also become a Member of Silvanols’ Board.

Sales of SIA „Silvanols” in 2012 were 1.993 million lats and the company made a net profit of 136 thousand lats.

Consolidated profit and loss statement of AS "OlainFarm" for 2012 shows that the concern has set yet another profit record as it has made a net profit of 9.75 million lats (13.88 milion euro). This represents an increase by 41% compared to 2011, when profit of AS "OlainFarm" was 6.91 million lats (9.84 million euro).