Greek dairy firm Neogal revealed yesterday [Sundau] that it is to invest up to €15m (US$13.8m) in the launch of new products and the expansion of its presence in northern Greece by the end of next year.

According to the Kerdos newspaper, Neogal aims to acquire a 70% stake in co-patriot dairy company Rhodope, a subsidiary of Agricultural Bank of Greece.

With the investment plans in place, Neogal expects a 10-15% increase in profit and turnover this year. Last year, the firm posted profit of €1.2m and a turnover of €13.8m.