6 May 1999: The shareholders of Latvia“s Valmieras Stikla Skiedra (Valmiera Fiberglass) said they will take all efforts to make the company one of the leading fibreglass producers in the Eastern Euro…
6 May 1999: The shareholders of Latvia“s Valmieras Stikla Skiedra (Valmiera Fiberglass) said they will take all efforts to make the company one of the leading fibreglass producers in the Eastern Europe. Council chairman Jurgen Preiss-Daimler recently told shareholders that Valmiera Fiberglass was doing well, and that its name was recognized on the international market. Regardless of the crises in Russia and Asia, the company succeeded in increasing its turnover and was working with profit. Shares in Valmiera Fiberglass were up at the stock exchange and would continue climbing, the council chairman said. Preiss-Daimler said that the company would modernize its production and the turnover could grow by 30% by the year 2002. German Glasseiden Oschatz GmbH, the largest shareholder in the Latvian company, intends to establish a joint venture in Kazakhstan where a new fibreglass plant will be built. But Preiss-Daimler assured the shareholders that these investments would not affect the performance of Valmiera Fiberglass. He said that the main actions by the German concern abroad were related to Latvia. Meanwhile, the company earned 642,537 lats (US$ 1.09 million) in profit last year. The company“s turnover last year was 12,531 lats, or 21.1% more than the previous year and by 17.7% more than planned. The shareholders decided to use the profit as follows: 300,000 lats will be invested, 187,276 lats will be paid in dividends, 166,818 lats will be added to the reserves, 25,701 lats will be used to pay salaries to board and council members and 22,742 lats will be applied to cover the loss incurred by Valmiera Fiberglass in 1997.