Latvian fish products manufacturer SIA “Syfud” closed the year 2024 with a turnover of EUR 5.2 million, marking a 44% increase compared to the previous year. The company has set an ambitious goal to achieve a tenfold increase in turnover in 2025, aiming to create up to 200 new jobs and significantly boost production and exports. This aggressive expansion plan is part of Syfud’s broader strategy to become a leading player in the global fish products market.

Syfud operates under the Port Lite brand and recently opened a new factory in Liepaja, Latvia, last October. The new facility, which cost approximately EUR 80 million in infrastructure and technology investments, is poised to revolutionize the region’s fish production capabilities. Sigita Ambrazevičius, founder of Syfud, highlighted the significance of this investment:

“We ended the year with one of the largest industrial investments in Liepaja – creating the most advanced fish production plant in the region,” said Sigita Ambrazevičius, founder of Syfud. “Thanks to the new production lines and more advanced equipment, which is now fully operating, our production volumes have increased rapidly in the first month of 2025. We have rationalized all production processes that allow us to significantly increase production efficiency and start a new accelerated growth phase.”

The strategic partnership with Western Bank has been instrumental in promoting Syfud’s expansion. According to Ambrazevičius, Syfud has successfully achieved all main strategic goals, including ensuring continuous production, expanding into export markets, and completing an ambitious investment program. This was made possible with the support of the Rural Support Service and Rietumu Bank, which provided more than EUR 31 million in loans.

Artūrs Jukšs, Member of the Board of Rietumu Bank and Head of Credit Department, commented, “This is one of the largest industrial projects in Latvia, with far-reaching benefits to the entire national level. With the launch of the most modern fish factory in Latvia, hundreds of new jobs are created. Not only Liepaja, but the whole of Latvia will be actively supporting the formation of new companies, including the food industry, and we truly wish ‘Syfud’ further success and growth.”

Syfud’s new factory, built on the site of the former Liepaja Fish Canned Factory, is a state-of-the-art production complex spanning 27,000 square meters. The facility is equipped with the latest technology from leading manufacturers, allowing it to process up to 30,000 tonnes of salmon annually and produce a variety of Surimi products, including crab-flavored sticks. The company plans to significantly increase exports and reach a turnover of EUR 50 million by the end of 2025.

Ambrazevičius emphasized the importance of building strong partnerships in potential cooperation countries. “Along with attracting investment and the construction of a modern factory, which were crucial turning points, we have always focused on building strong partnerships in potential cooperation countries,” she said. “We have already established and strengthened very good cooperation with partners in the main European markets, and now we can safely expand production to meet the growing international demand. The production volumes will continue to increase every month.”

Port Lite brand products are currently exported to more than 15 countries, including Spain, Portugal, Ukraine, France, and Germany. This global reach is a testament to Syfud’s commitment to quality and innovation, setting a benchmark for other fish products manufacturers worldwide.

Syfud’s success story is reminiscent of American companies like Chicken of the Sea and Bumble Bee Foods, which have also expanded their operations and market reach through strategic investments and partnerships. These companies have shown that investing in modern technology and building strong international partnerships can lead to significant growth and market dominance.

However, Syfud’s ambitious plans are not without potential challenges. The company will need to navigate regulatory hurdles, ensure sustainable fishing practices, and maintain high-quality standards to sustain its growth. Additionally, competition from established players in the global fish products market will require Syfud to continuously innovate and adapt.

Despite these challenges, Syfud’s strategic vision and aggressive expansion plans position it well to become a leading player in the global fish products market. The company’s success will not only benefit Liepaja and Latvia but also set a new standard for the industry, inspiring other manufacturers to follow suit.