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Latvian Olainfarm to start export to Turkey in 2017

BC, Riga, 13.05.2016.Print version
Latvia's Olainfarm drugmaker in 2017 plans to start export of its products to Turkey, the company's board chairman Valerijs Maligins said in a press conference on May 12th, cites LETA.

In April 2017, Olainfarm plans to start sale of the first four products in Turkey, and two years later to expand the product range to 80, Maligins said.


"We are optimistic about Turkey as this market has a great potential," Maligins said, adding that there is also an export growth predicted in Russia and Ukraine, but Turkey's market is bigger than Russia's and has a larger potential.


He also said that products of Olainfarm's new subsidiary Tonus Elast might even get to Turkey sooner as it is simpler to obtain the necessary permits for sale of medical goods.


"In the future we will see a steep increase of sales in Russia and Ukraine," said Olainfarm board member Salvis Lapins.


As reported, Olainfarm has acquired Tonus Elast medical goods producer, 50% of which belonged to former Saeima member Valerijs Kravcovs until February 2014, Olainfarm said in a statement to the press. Olainfarm has spent EUR 14 million on the acquisition, the company said.


Olainfarm CEO Valerijs Maligins and Tonus Elast co-owners Ludmila Cecotkina and Irina Vinvalka signed an agreement whereby Olainfarm acquired 100% shares in the above producer of elastic medical products.

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