Saudi Arabian company BinDawood acquired E-Piim factories. They paid over 135 million euros. This was unexpectedly high for them.
Estonian investor Joakim Helenius wanted E-Piim to remain in Estonian hands. Now he hopes that the new owner will help Estonian dairy producers enter the Middle East market.
BinDawood CEO Ahmad BinDawood said they aim to increase E-Piim's market share. They also want to expand into EU markets. They emphasized that jobs are not at risk.
The E-Piim Paide plant processes nearly 40% of Estonia's dairy production. Minister of Agriculture Hendrik Johannes Terras said this deal will help dairy producers.
E-Piim has a debt of 30 million euros owed to farmers. Terras said the fate of the debt is still unclear.
Ahmad BinDawood promised that dairy producers will be paid on time in the future. He said they want to build good relationships with farmers.
BinDawood developed an interest in Estonia due to its high-quality raw materials and technology. Helenius said factories need investment for purchasing new equipment.