Estonia, Good for Business, Investments, Latvia, Markets and Companies

Today, Skinest Group concluded a contract in Riga for ache bankrupt Latvian cosmetics and perfumery manufacturer. Production was stopped almost a year ago, but is scheduled to restart already in October, restoring many jobs.

"Our one and only goal is to save the legendary trademark, resume production and turn Dzintars once again into a success story that will make everyone in Latvia proud,” said Oleg Ossinovski, owner of Skinest Group, commenting on the deal. "Historically, large industrial enterprises have been the backbone of economy and their successful operation is important for any country both pragmatically and emotionally,” Ossinovski said. 

Ritrem, the company that purchased the assets of Dzintars, is part of Skinest Group through its parent company, Daugavpils Locomotive Repair Plant, a company employing more than 600 people in Latvia. 

"We have significant experience in not only how to keep industrial enterprises alive, but in how to manage them successfully. This in turn means hundreds of jobs and millions in tax revenue for the state,” said Ossinovski.

Skinest Group sees a great potential in the earlier activities of Dzintars both in the field of R&D and manufacturing. „People in Latvia and elsewhere as well look forward to the return of Dzintars, and it is going to happen, have no doubt about it. The company is now in good hands and we have enough capital to make sure that the company gets all the investment needed for its development,” Ossinovski promised. According to him there are several world class products in the company product list.

Skinest Group is the largest industrial group in the Baltic States, comprising more than 50 companies in 15 countries. The group has invested more than 40 mln euros and created over 800 jobs in Latvia. The group is engaged in manufacturing rail cars and locomotives, as well as building railroads; it owns the biggest number of rail cars and locomotives in the Baltic States; it builds wind and solar farms, hydro power plants, residential buildings, golf courses and takes part in many other projects.

As reported, Estonian millionaire Ossinovsky has acquired assets of Latvian insolvent cosmetics company Dzintars for EUR 5.5 mln.