Finns to construct paints and varnishes plant in Russia for EUR 5 million

Nor-Maali (Finland) will construct a plant in the Pskov Region to manufacture paints and varnishes of industrial purpose. Investments in the project to be implemented in the "Moglino" Special Economic Zone will total EUR 5 million.

Finns to construct paints and varnishes plant in Russia for EUR 5 million

Nor-Maali (Finland) will construct a plant in the Pskov Region to manufacture paints and varnishes of industrial purpose. Investments in the project to be implemented in the "Moglino" Special Economic Zone will total EUR 5 million.

"The investment project was approved by the Russian Ministry of Economic Development at a meeting of the Expert Board for Special Economic Zones of Industrial and Production Category in November 2015", the company clarified.

The future plant, occupying approximately 3,500 sq.m., will output more than 1.5 million liters of paints and varnishes per annum to be produced in Russia from local raw materials but based on Finnish technology. The plant's product range includes prime coats, enamels and other materials designed for construction, oil and gas, machine-building and ship-building.

The company's representatives told that the construction of the plant is expected to commence in summer 2016. The plant is expected to start operating as early as in summer 2017. The plant's products will be supplied to Russia, Armenia, Kazakhstan, Kirghizia, Belarus and Baltic countries.

"Despite the economic crisis, the country' investment climate is favorable. The government's large-scale projects include an import-substitution programme intended to reduce imports which requires investments into local industry. This will inevitably result in increased demand for high quality paints and varnishes" Raimo Lehtinen, the General Director of Nor-Maali, commented.