Latvia's Eurotex plans to invest 3.5 million lats (4.9 million euros) in construction of a new intravenous solution plant in Ogresgals in central Latvia, the company reports. The new plant will produce intravenous solution with annual capacity planned of 8.5 million 0.5-liter units. Equipment will be supplied from the U.S., while water will come from local wells, purified through distillation methods. The new plant will employ 40 people in supervision of its automated equipment, packaging and distribution. Production will be mostly exported to Scandinavia, the CIS countries and the U.S. says project manager Abolins. Eurotex is owned by three Latvian: Inga Orbitane, Sergejs Cilajs, and Evita Snucina.
Latvia's Finance and Capital Markets Commission has given the go-ahead for Lithuanian investment company Invalda to purchase 100 percent of investment management company Baltikums Asset Management from Latvia's bank Akciju Komercbanka Baltikums. The cost of the deal hasn't been disclosed. "This transaction is a further step in expansion into Latvia. We're already well-established on Lithuania's investment and pension funds market. We have assessed the potential of Latvia's market and intend to offer investors our expertise in the management of both investment and pension funds," said Invalda president Darius Sulnis. Invalda reported 86.8 million litas (25.1 million euros) in net profit for 2007.
Sales for Estonian pharmaceutical wholesaler and retailer Magnum grew 25 percent in 2007, reaching 2.7 billion kroons (172.5 million euros). The drug seller notes that while the Estonian wholesale market rose by 16.6 percent, its own turnover increased at a faster pace. Its pharmacy chain sales were up by 21 percent. The chain counted 76 pharmacies at year-end, with minority stakes in another 36 pharmacies. Magnum Medical, the group's pharmaceutical trading division was the second-largest on the domestic market, after Tamro Eesti. Magnum's wholesale revenue in Latvia grew 37 percent to 26 million lats (37.1 million euros). In Lithuania, the company last year acquired the leading veterinary drugs firm Linas Agro Veterinarijas Centras.
