Turkish company "Sutas" has purchased dairy "Swedmilk" after Tuesday's signing of the agreement with Tutunska Banka, the biggest mortgage creditor in Swedmilk, which claims are estimated at about EUR 9.5 million.

Swedmilk was launched as a greenfield investment, but went into bankruptcy after 18 months. Debts are estimated at about EUR 35 million, whereas farmers-clients have not received their funds for the sold milk, amounting at approximately EUR 4 million.

The new owner has announced that production would begin in six months, along with investments in capacities for cheese production.

"Sutas" is the leader in Turkish dairy industry and the 66th largest company in the country, with an annual turnover of about EUR 500 million.