Latvian pharmaceutical company Olainfarm has announced ambitious plans for the development of the factory, which include not only the modernization of production itself and investments in product development, but also envisages huge investments in improving the company’s energy efficiency.
New product implementation and promotion of energy efficiency Olainfarm with development finance institutions Alto and SEB banks support will invest 31.75 million euros. The company announced this in mid-June, also demonstrating the capabilities of the existing factory.
Olainfarm the chairman of the board Juris Bundulis said that along with the investments, which will not be limited to investments in new products, it is also planned to create a solar panel park with a capacity of 3.2 megawatt hours on an area of more than four hectares and to create equipment for the development of chemical and pharmaceutical wastewater. For many years now Olainfarm also has its own boiler house.
Previously, the company reported that in the next five years, the amount of investment in product portfolio development and production modernization will reach 100 million euros.
The company’s management and shareholders are confident that the significant investments will allow Olainfarm increase export volumes by at least 80% within five years. Bundulis points out that the investments will be comprehensive – both in improving energy efficiency, in research and development, and in increasing capacity: in new production lines, modernization of laboratories.
As part of the investment program already at the beginning of next year Olainfarm will start the construction of new chemical and pharmaceutical wastewater treatment facilities for 11.29 million euros with the aim of reducing the amount of wastewater to be treated, automating the wastewater treatment process and its control, as well as separating rainwater treatment from domestic and industrial wastewater.
In the company considers, that improving energy efficiency is essential, as it will make the production process more efficient, reducing production costs in the long term. Therefore, it is planned to focus on the use of renewable energy, for example, the solar park could provide up to 40% of the company’s average annual electricity consumption, but in the summer season it could be as much as 80%. Also, the company will perform the reconstruction of heating networks and steam networks in order to reduce heat losses. Currently, work continues on the creation of a liquefied gas connection in order to diversify primary energy sources, increase the security of the company’s energy supply and the continuity of production processes.
Lursoft information shows that Olainfarm the group’s turnover in 2021 was 137.75 million euros, which was an increase of almost 13% compared to the previous year, while the profit increased by 35%, reaching 12.7 million euros. The group includes companies Clinic DiaMed, OlainMed, Latvian pharmacy, Silvanol, Olainfarm energy, Pharmaceuticals, Competence center for biomedicine and medical technology, Global Lux and Tonus Elast.
The company owns Repharm for the parent company of the group AB Citywhose true beneficiaries are Josif Apts, Sergej Korniyenko, Andrejs Leibovich, Aleksandrs Livsits, Mihails Lurie, Jelena Nikitina, Jānis Oskerko and Roberts Tavievs.
2023-07-17 07:27:19
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