News

Olainfarm Acquires Controlling Stake in Silvanols

on June 4, 2013

JSC Olainfarm has acquired 23.37% more shares in Latvian pharmaceutical company Silvanols Ltd., therefore Olainfarm now holds controlling interest in Silvanols. Before that JSC Olainfarm already owned 47.51% of the company’s shares.

“Acquisition of Silvanols is one of the ways for Olainfarm to further consolidate its positions and expand the production of medications. We see a good opportunity to increase the speed of growth by merging expertise, experience and export potential of the two companies and by creating and developing joint projects,” says Salvis Lapiņš, a member of JSC Olainfarm board.

JSC Olainfarm currently owns 70.88% of the company’s shares, Silvanols co-owner Ieva Leimane – 15.41%, Agris Auce – 10.39%, and Sandra Ivanova – 3.31% of  Silvanols Ltd. shares.

Sales of Silvanols Ltd. in 2012 were 1.993 million lats and the company made a net profit of 136 thousand lats.

Consolidated profit and loss statement of JSC Olainfarm for 2012 shows that the concern has set yet another profit record as it has made a net profit of 9.75 million lats (13.88 milion euro).  This represents an increase by 41% compared to 2011, when profit of  JSC Olainfarm was 6.91 million lats (9.84 million euro).

JSC Olainfarm is one of the biggest pharmaceutical companies in Latvia with 40 years of experience in production of medication and chemical and pharmaceutical products. A basic principle of company’s operations is to produce reliable and effective top quality products for Latvia and the rest of the world. Products made by the Group are being exported to more than 35 countries of the world, including the Baltics, Russia, other CIS, Europe, Asia, North America and Australia.

Silvanols Ltd. is one of the most rapidly growing Latvian producers of medicines. In its operations Silvanols uses modern internationally applied technologies. Products portfolio of the company consists of unique set of original products, including over-the-counter medicines, medical devices and food supplements, in total more than 70 different original products. Company is particularly proud of their original products, including market leader Faringo Spray®, anti-rhinitis gel Rinogēls® and sedative mixture of 7 different herbs  Relaxen®. Currently products of the company are being exported to Lithuania, Estonia, Azerbaijan, Romania, Czech Republic, Hungary, Belarus, Kazakhstan, Slovakia and Armenia.

 

Information prepared by:

Salvis Lapins
Member of the Board
JSC Olainfarm
Tel: +371 6 7013 717
Cell: +371 2 6448 873
E-mail: slapinsh@olainfarm.lv

 

SigitaOlainfarm Acquires Controlling Stake in Silvanols