British company Filtrona will build a plant worth $20 million in the Leningrad Oblast. Filtrona's parent company Bunzl Plc, a leading supplier of disposable products and packaging, is financing the project. The plant will produce cigarette filters and may bring annual revenues of $30 million. The project should pay for itself within five years. Construction is expected to take one year. Over 140 jobs will be created at the plant.
Originally planned for Gatchina, the plant will now be constructed in another St. Petersburg suburb, Vsevolozhsk. The interagency committee on industrial locations in the Leningrad Oblast agreed on the construction area with Filtrona on Friday. The potential space is currently used for utilities and storage. According to earlier reports, the Gatchina location implied additional investments in the suburb's General Plan, which made the project more expensive at around $25 million, Safe Business Association reported.
Vsevolozhsk is already home to a Ford Motor Co. plant, the Econord meat processing plant and others.
News source: www.sptimes.ru
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Business news archive for 19 March' 2004.
Business news archive for March' 2004.
Business news archive for 2004 year.