Animal feed manufacturer Kormotech plans to reach $150M in sales in 2023 and will strive to be among the 50 largest feed manufacturers in the world, company owner Rostyslav Vovk said.
He said the share of exports in the company’s sales in 2022 was 23%. In the current year, this mark reached 28% in the second quarter, and by the end of the year, 30% of Kormotech’s turnover will come from export markets.
At the same time, in 2023-2024 Kormotech will implement several investment projects in Ukraine and Lithuania, where its production facilities are concentrated. In the second quarter, the company completed a 25% expansion of its factory in Lithuania. At the end of 2023, Kormotech will start constructing a new factory in Lithuania, in which it will invest more than €60M.
The company is also developing a strategy for 2024-2028 and plans to earn approximately $500M in 2028.