Company briefs - 2012-03-15

The state-owned company Latvijas Valsts Mezi (Latvian State Forests, LVM) posted 214 million lats (305.7 million euros) in turnover last year, reports Nozare.lv. This is a one percent reduction when compared to 2010. According to provisional results, in 2011 LVM earned 49 million lats in profit. In 2010, the company posted 78.3 million lats in profits. The Ministry of Agriculture holds all LVM shares.

The Kaunas Free Economic Zone (FEZ) management company achieved record results last year, striking two new deals which will take total investment in Kaunas FEZ to 238 million euros, reports Invest Lithuania. In 2011, the company signed agreements with Fortum Heat Lietuva, a Finnish-owned company, which invested 200 million euros in the construction of a combined heat and power plant.  Another agreement was inked with Enwipellets, which is planning to invest 38 million euros in the construction of a straw pellet plant. The combined investment by Fortum Heat Lietuva and Enwipellets is the largest in Kaunas FEZ’s history. Since its establishment, Kaunas FEZ has signed agreements with a total of 13 investors whose investments will reach 343 million euros. Five investors are already operating and one is finishing construction work. The companies that were established in Kaunas FEZ currently employ 401 people, the number set to increase to 940 in the near future.