RIGA, March 31 (LETA) - Latvia's Dobeles Dzirnavnieks grain mill has signed an agreement on acquisition of Lithuania's Baltic Mill, LETA learned from the company.

Baltic Mill owns several grain mills and food producers in the Baltic states - Malsena Plius, Amber Pasta in Lithuania, Rigas Dzirnavnieks in Latvia and Balti Veski in Estonia.

Dobeles Dzirnavnieks said that by signing an agreement on acquisition of a 100 percent stake in Baltic Mill, the company plans to increase the grain processing capacity in the Baltic states and strengthening its export capability. The deal should be concluded by the end of the year after the Competition Councils of the three countries approves it.

The sum of the deal has not been disclosed.

Dobeles Dzirnavnieks reported that in the past ten years it has invested more than EUR 120 million in development of infrastructure and production.

"Expansion of export markets has been our strategic goal for the last ten years," said the company's board chairman Kristaps Amsils.

According to Firmas.lv, Dobeles Dzirnavnieks was registered in 1991, and has a share capital of EUR 3.897 million.

In 2019, the company posted EUR 129.639 million in turnover, up 10.5 percent year-on-year, while the company's profit rose by 27.4 percent to EUR 4.198 million.

The company's largest shareholder is Estonian grain mill Tartu Mill.