14 February 2007 - Romanian bakery firm Vel Pitar is planning to invest 2.5 million euro to upgrade one of its flour mills located in Iasi, northern Romania, reports the local press.
Thanks to the upgrade, the company is expecting to process 250 tons of wheat per day.
Last month, FLEXNEWS reported that Vel Pitar acquired a bread producer, Spicul de Aur Prodcom, located in Targoviste, county of Dambovita, for about 1 million euro.
Vel Pitar recorded a net profit of 2.9 million lei (854,500 euro) for the first nine months of 2006, up from 2.6 million a year earlier. Company turnover rose to 185 million lei, up from 165 million in the first nine months of 2005.
Vel Pitar is majority owned by the Cyprus-based investment fund Broadhurst Investments.