„BinDawood Holding“ registered the company „Just & Jubn“ in Estonia on August 7, the day the „E-Piim“ auction started.
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The company „E-Piim“ was being sold at auction for an initial price of 88 million euros. According to the portal, the official winner has not yet been announced.
Lithuanian companies „Rokiškio sūris“, „Vilvi Group“, and „Belvederis“ were also interested in the factories, but they did not participate in the auction.
„BinDawood Holding“ CEO Ahmad BinDawood met with Prime Minister Mindaugas Sinkevičius and Agriculture Minister Kęstutis Mažeika on Thursday.
As BNS reported, A. BinDawood then stated that the company is considering investing in a new factory in Lithuania or buying food products from Lithuanian companies and emphasized that the group is particularly interested in the Lithuanian dairy sector.
The minister said that the company is also considering the possibility of acquiring part of the country’s milk processing capacity. Meanwhile, the prime minister promised to help the company find solutions to implement its plans.
„E-Piim“ bankruptcy administrator Indrek Lepsoo told the publication „Aripaev“ that the winner’s name will be announced after the deadline for possible objections and the completion of the transaction.
Creditors decided that during the bankruptcy period the company’s commercial activities must continue, as this is the best way to ensure asset preservation. Accordingly, the production units of „E-Piim Tootmine“ operated at up to 30% capacity, and the Peltsamo packaging workshop at full capacity, as the priority was to provide services to retail customers. During the bankruptcy period, the company paid milk producers and other partners on time.
„Operating factories, a strong team, and a well-coordinated milk supply system create the best conditions for the new owner to start using the assets faster,“ commented bankruptcy administrator Olev Kuklasė.
According to „E-Piim Tootmine“ CEO Antti Orava, the final auction price showed that the decision to keep the factories operational was correct.
„This price did not surprise me much; I expected it to be significantly higher than the initial price because such factories cannot be built for 80 million euros. The offered amount also showed that the decision to maintain production during the bankruptcy period was correct,“ he said.
The new cheese factory „E-Piim Tootmine“ in Paide is one of the most modern in Europe, capable of processing up to 1200 tons of raw milk daily. In 2023, the company exported more than 90% of its production. Currently, the company employs 180 people. Besides the factory in Paide, the company has production units in Peltsamo and Järva-Jaani.
