Company briefs - 2006-08-30

  • 2006-08-30
Eesti Polevkivi, Estonia's oil shale excavating company, sold a giant excavator 's possibly the world's largest 's to Formet Grupp as scrap for 11.5 million kroons (738,000 euros). The arm of the excavator measured 60 meters, and the volume of the bucket 35 cubic meters. Overall weight: 4,000 tons. The machine hasn't been working for five years and was put on sale because its preservation would involve unjustified expense, the company said. The firm will donate the giant excavator's bucket to its mining museum. In all there were four such excavators in the former Soviet Union.

Knauf, a leading building materials producer, announced plans to open a new plant in Latvia this September. The factory will manufacture some 40 products 's including lime-cement mixtures, fillers, floor leveling compounds and tiles adhesives. Knauf already operates one plant in Latvia, and the new one is expected to help meet demand in the Baltics.

Baltic retail leader VP Market said it would invest about 8 million lats (11.4 million euros) in the construction of a new logistics center in Latvia, a representative said. A spokesman said the new center was being built next to the existing VP Market logistics center in Riga's Kekava district, and that the new center would boast a floor space of 40,000 square meters, which is 50 percent larger than the floor space of the old logistics center. "This will be the largest logistics center in Latvia," the spokesman said. The company should complete the new logistics center by the end of this year.