RIGA - Belgian food firm Puratos has not yet considered in detail its new subsidiary Pure Food’s needs or the necessity for investment in the company, which is why no specific investment numbers are being planned at this time, said Puratos’ Nordic Regional Director Simon Peel in an interview with business portal Nozare.lv. Peel made the comment following Latvian media reports that Puratos could invest more than 1 million lats (1.4 million euros) in new facilities for Pure Foods.
Peel said that Pure Food was a comparatively modern company and not in need of new investment for several years. Peel also said that Puratos could either bring facilities to Latvia to expand Pure Food’s capacity, or transport berries to be processed elsewhere within the Puratos corporation.
The acquisition of Pure Food by Puratos was announced by both companies on April 27.
Puratos is an international group producing ingredients for the bakery, patisserie and chocolate sectors with a specific focus on artisans, retailers and industrial clients.
With a turnover of 1.1 billion euros, Puratos has a global presence in over 100 countries, with 53 production sites. The company’s headquarters are located in Brussels.
Pure Food, founded in Latvia in 1994, makes fruit and berry products for dairy companies and confectioneries. The company’s turnover last year reached 12.5 million lats, according to Lursoft data. The company also posted 664,414 lats in profit last year.