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Home - The Company DK Daugava Completely Stopped Work because of Russian Sanctions

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The Company “DK Daugava” Completely Stopped Work because of Russian Sanctions

The company's work for the production of dairy and bakery products DK Daugava, Ltd. completely stopped its work because of the Russian sanctions.

A co-owner of a multibranch company Aigars Vaivars put up for sale a farm and a bakery company belonging to him, going to work within other area in the future - renting of agricultural machinery.

How Vaivars told to the LETA agency, he is selling the cattle farm Birzes and the bakery Serene. The farm of 400 units is sold for 875.000 euro, the bakery - for 485.000 euro.

This is a good start for those who want to be engaged in this business, said Vaivars, adding that the property is not encumbered by any loans or other obligations.

The entrepreneur said that interest from buyers is large enough.

Vaivars owns 30% shares of DK Daugava, but the remaining 70% to Russian entrepreneurs. Earlier the company planned to start production of mozzarella cheese for the Russian market, but because of the mutual sanctions of Russia and the EU business has almost stopped.

Turnover of DK Daugava was 1.38 million euro in 2013, which is 55% less turnover for the previous year (3.08 million euro). Losses of the company increased to 1.71 million euro in 2013, compared with 1.094 million euro in 2012. Financial performance over the past year has not yet been released by the company.