June 25 (SeeNews) - Montenegrin agricultural firm Agromont and Serbian peer Agroglobe are the new co-owners of the animal feed mill in Montenegro's Spuz and are investing 1.5 million euro ($1.7 million) to upgrade production, the government in Podgorica said.
Production at the once-bankrupt mill will begin by the end of September, while the first shipments of animal feed are expected to be dispatched by the end of the year, the government said in a press release on Wednesday.
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Earlier this year, Agromont acquired a poultry farm in the nearby village of Martinici and has since invested 2.8 million euro to renovate the production facilities.
Agromont hopes to be producing 85,000 eggs a day and cover 40% of the Montenegrin market by the end of the year, the government said, quoting the company's owner, Bozidar Jokic.
The recent takeovers and production upgrades will help cut Montenegro's agricultural imports while strengthening domestic output, the government said.
Agroglobe entered the Montenegrin market in 2008, after taking over the Niksic mill which supplies, produces, processes and trades grains.
($=0.8938 euro)