Company briefs - 2007-11-07

Nov 07, 2007

Estonian commuter train operator Elektriraudtee is to receive about 76.7 million euros from the European Union's cohesion fund to upgrade its trains. The Estonian government plans to confirm soon the go-ahead for the transport project, in which the company will replace its existing inventory of 12 electric trains over the 2009 - 13 period. Board member Kuldar Vaarsi said that "By 2013 the existing rolling stock will largely have to be written off because it has already outlived its useful life." These energy-saving trains, consisting of three to four cars each, can travel at speeds of up to 160 kilometers per hour and will run more frequently than the existing equipment. Plans are to purchase up to 18 trains.

Latvia's largest pharmaceutical company, Grindex, posted 6.9 million euros in consolidated nine month profit, up 1.3 percent on the same period a year ago, as sales rose 23.9 percent to 54.2 million euros. The company says it succeeded in conquering new export markets 's in September Grindex registered five medical compounds in Turkey while in China its key product, Mildronate, has been selling well. Traditionally, its biggest markets have been in Russia and other CIS countries. Investment in research and development rose by 26 percent, says management.

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