Latvian sweet producer acquires Laima – Staburadze, New TEchnology and Business Development Corp. L – Brief Article
Latvian sweet manufacturer Staburadze has acquired New Technology and Business Development Corporation L (NTBDC L) which was formerly part of the Ave Lat Grupa. NTBDC L holds a controlling 73.2% stake in chocolate maker Laima. It is hoped that the deal will enable Staburadze to compete on a European level with other confectioners. Financial details of the acquisition were not disclosed. Staburadze is the largest producer of cakes, cookies and pastries in Latvia, and Laima is one of the largest producers of chocolate. It is understood that both firms’ trademarks will remain on the Latvian market. Staburadze is 43% owned by Icelandic concern Nordic Food. Staburadze president Juris Jonaitis said of the deal, “We are sincerely happy for the chance to acquire this company and to create a strong Latvian business in presence of growing competition on the part of foreign companies on the sweets market.”
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