The construction of an oat processing plant in Varėno by the private equity fund „INVL Baltic Sea Growth Fund“ will increase the company's export opportunities, according to its CEO Aurimas Taraškevičius.

„A modern and up-to-date plant that can supply the Baltic countries' demand, but we plan to export most of it (...) to Scandinavia, Western Europe, possibly even reaching Africa, depending on customer demand“, – A. Taraškevičius told BNS.

He said that in the last five years, the world has seen a growing demand for oats, which is why the company has decided to modernise its processing line at its Varėna branch. A 1,600 square metre warehouse and a modern oat grain dehulling and flaking production line will be built there.

Work started at the beginning of this year and is expected to be completed in the first quarter of 2025. The contract work is being carried out by Druskininkai construction company „Bilresta“ for a total of €3.5 million.

The project is partly financed by a €14.8 million loan granted by the bank „Citadele“ in April, as well as by EU structural funds.

A project appraisal prepared by the environmental consultancy firm „Environmental Management“ indicates that the old factory produces up to eight tonnes of oatmeal per day, and that the refurbishment will increase the output by 42% to 21 tonnes. It is planned to process 36 tonnes of oats per day.

„Galinta“ products are exported to other Baltic countries, the USA, Great Britain and Scandinavia.

The report of „Galinta & Partners“ submitted to the Centre of Registers indicates that the company generated a net profit of EUR 1.2 million last year, down 2.8 percent from EUR 3.4 million in 2022, and generated revenue of EUR 31.1 million, down 21 percent from EUR 39.2 million.

According to data from Sodra, the company currently has 71 employees.