Name: AS "Latvijas balzams"
Core business: Production of alcoholic beverages
Auditor: PriceWaterhouseCoopers
Date of listing: 15.10.1998. (I-list); from 21.05.2007 Baltic Secondary List
Background information
AS Latvijas balzams is the leading producer of alcoholic beverages in the Baltic states. It controls 43% of the alcohol market in Latvia according to the data of the Excise Goods Board in 2003. LB is widely presented practically in all segments of strong and light alcoholic beverages, including vodka, brandy, cognac, liqueur, gin, whiskey, sparkling wines, cider and cocktails, in total more than 115 brands. According to the Excise Goods Board information, nine out of ten most popular alcoholic beverages were produced by LB in 2003 in Latvia.
The origins of Latvijas balzams mastery can be found back in 1900, when the first Riga State Spirits Warehouse No.1 started its operations. World War I stopped the trade of spirits for some time, however, already at the very beginning of Latvia as an independent state, the operations of spirits distillery were resumed.
Today the majority shareholder of Latvijas Balzams is S.P.I. Distilleries.B.V. Since S.P.I. Group has become the majority shareholder extensive investments have been made to the company. Over the last two years more than 8 million lats have been invested towards increasing of production capacity and development of operations.