Estonian meat processing company Noo Lihatoostus AS is investing €5m to expand its production unit and is planning to invest an additional €15m into new facilities and equipment by 2020. The expansion of the production unit near the city of Tartu, is set for completion in early 2017.
“It’s true that the company is about to grow in the next few years. We have to make investments, as the old buildings are becoming a bit outmoded,” Toomas Kruustuk, a Noo Lihatoostus board member, told Baltic New Service. Kruustuk said the expansion of the existing production unit should add between five and six jobs to the local labor market. He declined to comment on where the company is planning to build additional facilities.
Noo Lihatoostus reported €25.6m in revenues last year, up 10.6 percent from 2014. Nearly 85 percent of the revenue was generated on the Estonian market. The company’s 2015 profit was €1.45m.
