During the privatization process, Singapore company ACOT bought Rozto. Today after the privatization, the plant has found its niche in supplying products for car manufacturers.
"The company ACOT saw the potential of labor expertise and resources in Latvia and decided it could invest money into this country and become one of the largest mold manufacturers in Europe," said Bushev Valentine, ACOT sales manger.
"The fully-trained staff has been retrained in the latest technology, and now 500 people, many from the times of the USSR, have found themselves high-skilled employment equivalent to world standards," he said.
ACOT has eight plastic associated factories all over the globe. The Riga plant and factories situated in Slovenia and in Mexico are tightly entwined and compliment each other in the sale of products to clients such as Ford, Stanley, Volvo, Toyota and Rubbermaid.
Valentine said the company's market in the past has been 100 percent export, but now ACOT wants to direct some of its manufacturing into the local Baltic market.
"ACOT has branched out and formed Global Tech. This division of ACOT will be responsible for supplying the Baltic states with the highest quality plastic household goods in the market," said Valentine.
The plant in Riga has been very profitable, but ACOT has over the past three years reinvested $20.6 million into it. This reinvestment has been to replace old machines, buy the latest technology in mold compressors and to re-train staff at the plant.
ACOT has seen the potential of keeping the plant running in Latvia, with a staff already employed in Riga's convenient location ready to export manufactured goods.
"The ability of producing 12 tons a week, gives us the ability to achieve sales not only in the export trade but to conquer the local market," said Valentine.