One of the leading and most experienced pharmaceutical wholesale and logistics providers in the pharmaceutical sector, SIA Oriola Riga will begin 2018 with a significant step, changing the company's name.
With the new year comes a new name
Since its foundation 22 years ago in October 1995, the company has grown extensively and has become a major market player in its field, reaching a turnover of c.a. 24 million euros and managing around 60 employees in 2017.
As an important step towards the further development of the company, the pharmaceutical logistics industry expert will now even further express its belonging to the Baltic States by focusing on specifically promoting cooperation with customers of this region. Pharmaceutical manufacturers, pharmacies and health care institutions in the Baltic States will now associate SIA Oriola Riga with the names of SIA Oribalt Riga and SIA Panpharmacy in Latvia, UAB Oribalt Vilnius in Lithuania, and AS Oribalt Tallinn and OU Oribalt Estonia in Estonia. All of these companies are united by the holding company Oribalt Group, which employs about 125 people and whose consolidated turnover exceeded 60 million euros in 2017. Despite the name changes, all the addresses, registration numbers, bank accounts, phone numbers and contacts of all the companies have remained unchanged.
Although changes have been made in the company's name, all of the SIA Oribalt Group companies will continue their usual daily work and all cooperation agreements between SIA Oriola Riga and its cooperation partners will be continued in the future.
Pekka Ruokanen, the partner and CEO of Oribalt Group, has commented on the changes as follows: “This was a very significant step for the development of our business that will pave the way for new opportunities on an international level. Both the companies taken over and their customers will benefit from the change, as we expect a successful development of the business and are confident of successful future cooperation with our partners.” The new owners, one of which is a significant Scandinavian financial investment company, aren’t hiding the fact that they are considering a future expansion of these companies, as well as possible acquisition of companies of other industries.