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Construction of the new facility will begin in a month's time and be completed next spring.

The new production facility will be located at 4A Pulvera Street in Liepaja, not far from iCotton plant and warehouse complex of 15,000 square meters in area. The new facility will increase the total area of iCotton complex to almost 25,000 square meters.

With the help of the new production facility, iCotton plans to raise its annual turnover to EUR 30 mln, which is 30 percent more than in 2018.

"Increasing production capacity, use of energy efficient solutions and modernization of the plant with the help of the latest cotton fiber processing technology will allow iCotton to consolidate its market positions in the Baltics and Europe. Already now, 40% of our products are exported to European countries," said iCotton CEO Sergejs Binkovskis.

iCotton at the moment employs 146 workers, almost 95% of products made by the company are exported. iCotton's main markets are the Baltic countries, Russia and Ukraine, and its products are also exported to Scandinavian countries, Poland, Uzbekistan, China, Vietnam, France, Italy, Czech Republic, Slovakia, Romania and Hungary.

iCotton, founded in 2013, is one of the largest producers of cotton products, wet wipes, and hygiene products in the European Union and C.I.S. countries with some of the most modern production facilities in Europe.

According to Firmas.lv, 98.16% of iCotton shares belong to Russian citizen Maralbek Gabdsatarov and 1.84% to Dmitry Renev, also a citizen of Russia.

The company's share capital is EUR 8.15 mln, it posted EUR 18.696 mln in turnover and EUR 6.715 mln in profit in 2017.