US-based company may acquire Armenian dairy plant
01.12.2016,
16:13
A US-based company called Adra Remara may acquire an Armenian dairy company that ceased operations last month due to dire financial problems and huge debts.
YEREVAN, December 1. /ARKA/. A US-based company called Adra Remara may acquire an Armenian dairy company that ceased operations last month due to dire financial problems and huge debts.
The news was announced at a news conference convened today by deputy minister of economic development and investment Tigran Khachatryan and Artak Avagyan, a representative of Adra Remara in Armenia overseeing Ashtarak-Kat’s (Ashtarak Milk) financial recovery program.
"Adra Remara realizes that Ashtarak-Kat held a large share of the market and hopes that it will succeed to restore this position. If this process is successfully completed, you will hear about the acquisition agreement with Adra Remara, - Khachatryan said.
According to Artak Avagyan, the California-based company has already invested in the restoration of the production process at Ashtarak Kat, whose products have re-emerged in Armenia stores.
"We are implementing now the recovery program along with taking stock of Ashtarak-Kat, which is necessary for the conclusion of the agreement. The line of products will be the same and in the same volumes, because we do not want to lose a single customer", - Avagyan said.
According to him, the company is also negotiating the repayment of about 180 million drams worth debts to milk producing farms.
Adra Remara, registered in the US is owned by Artak and Ara Asatryans.
Ashtarak-Kat was founded in 1995 on the basis of a cheese plant in the village of Agarak in central Aragatsotn region of Armenia. It has about 500 employees, produces about 45 kinds of ice cream, 50 kinds of dairy products, as well as jams and marmalades. The company cooperated with about 6,000 farmers.-0—
The news was announced at a news conference convened today by deputy minister of economic development and investment Tigran Khachatryan and Artak Avagyan, a representative of Adra Remara in Armenia overseeing Ashtarak-Kat’s (Ashtarak Milk) financial recovery program.
"Adra Remara realizes that Ashtarak-Kat held a large share of the market and hopes that it will succeed to restore this position. If this process is successfully completed, you will hear about the acquisition agreement with Adra Remara, - Khachatryan said.
According to Artak Avagyan, the California-based company has already invested in the restoration of the production process at Ashtarak Kat, whose products have re-emerged in Armenia stores.
"We are implementing now the recovery program along with taking stock of Ashtarak-Kat, which is necessary for the conclusion of the agreement. The line of products will be the same and in the same volumes, because we do not want to lose a single customer", - Avagyan said.
According to him, the company is also negotiating the repayment of about 180 million drams worth debts to milk producing farms.
Adra Remara, registered in the US is owned by Artak and Ara Asatryans.
Ashtarak-Kat was founded in 1995 on the basis of a cheese plant in the village of Agarak in central Aragatsotn region of Armenia. It has about 500 employees, produces about 45 kinds of ice cream, 50 kinds of dairy products, as well as jams and marmalades. The company cooperated with about 6,000 farmers.-0—
