Company briefs - 2006-09-20

  • 2006-09-20
The Estonian textile company Kreenholm is looking to increase exports to Russia. The Narva based subsidiary of Swedish Boras Wafveri AB announced last week that it hoped to increase exports five to seven times from the current 1 percent. Kreenholm hopes that 5 to 10 percent of its output will be exported to Russia within the next three years. The company also plans on developing its large land holdings in Narva, together with their historical buildings at the textile mill. Kreenholm announced in August that it was planning to relocate all of its production facilities to Narva to cut costs.

Liepajas Papirs (Liepaja Paper) is to set up a Lithuanian subsidiary, LP Poligrafia, next spring. The company president said that the Lithuanian subsidiary would not be involved in production, but mainly serve as a client service and design unit. The new office will be located in a refurbished office in Vilnius. In 2002, Liepaja Paper opened its first foreign LP Poligrafija in Moscow. During the first eight months of 2006, the company registered 35 percent higher turnover than the same period last year. Liepaja Paper produces 35 percent of its products for export, with 75 percent going to Russia, and 25 percent to Lithuania and Estonia.