Luminor Bank has granted financing to the Ilguciems kvass and other beverage production company SIA Ilgezeem in the amount of 0.845 million euros. The loan is intended for the renovation of production technological equipment and the reconstruction of the malt wort room in order to make production more efficient.
SIA “Ilgezeem” is one of the largest producers of kvass and malt beverages in Latvia, which provides its products mainly to the local market, but also exports beverages to several European countries. In order to make the production process more efficient, the company, with the support of the bank and European Union funds, has started the replacement of obsolete equipment and the reconstruction of production premises.
Of the funding provided by Luminor Bank, € 0.719 million is earmarked for the purchase of various technological equipment, such as a kvass must cooking station, steam sterilizers and a packaging line. The malt must room will be reconstructed for more than 125 thousand euros.
“1997. In 2012, the Ilguciems Beverage Factory managed to resume the production of kvass, the next step was a Health Drink, and in 2012 – medals, with which we returned the factory to the beer industry. In 2017, we started brewing classic beer in small quantities. And now we have received a loan that will allow the factory to fully return to real, classic beer production, ”says Rihards Jablokovs, Head of Marketing and Sales at SIA” Ilgezeem “.
Ilgezeem Brewery was built in 1863, when various beers and malt extract were produced there. In 1997, the factory was acquired by SIA Ilgezeem and production modernization began.
Last year, Ilgezeem’s turnover increased to 4.93 million euros – 82.09% was provided by the Latvian market.
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