German Glasseiden GmbH Oschatz said it will invest up to DM 20 million in Latvia“s Valmiera Glass Fibre – in which it has a 49% stake – over the next two years.
“In 2000 we will boost investments a…
German Glasseiden GmbH Oschatz said it will invest up to DM 20 million in Latvia“s Valmiera Glass Fibre – in which it has a 49% stake – over the next two years. “In 2000 we will boost investments and begin construction of a new production facility. We plan to invest DM 10 million in 2000 and between DM 8-10 million in 2001,” Glasseiden CEO and Valmiera council member Jurgen Preiss said. He added that the new facility – funded through German bank loans – will allow Valmiera to double turnover and boost profits by about 30%. In total the new facility will cost DM 30 million, Preiss-Daimler said. Since 1996, Glasseiden has invested DM 9 million in the Latvian firm. Valmiera made a nine-month profit of 0.564 million lats, down from 0.825 million lats for the same period last year.