Baltic Export, Good for Business, Industry, Investments, Latvia, Markets and Companies, USA

At the moment, the management of VSS is in conversations with local institutions in the U.S. about the possible location of the company and is solving other formalities needed to launch the business.

For the time being, it is being planned that Valmiera Glass USA Corp. could start active production in the first quarter of 2015, investing USD 6.5 million (EUR 4.8 million) to start up the company. The company in the U.S. will produce higher added value glass fiber products.

The company informs that it plans to expand the position of Valmiera Glass Group in the world market.

''The foundation of a company in the USA is a natural, logical and client-oriented step of the business development. Each year our sales volume in North-America grows. For example, last year, compared to 2012, the sales volume grew to 36 percent, exporting 14 percent of the company’s products to the United States and Canada. By establishing a company in the U.S., our products will be more accessible to the clients in North America, the terms of delivery will be shorter, and in the long-term the profitability of the company will grow and the partnership with the client will be closer. The new plant in the U.S. will give new possibilities of business growth and will strengthen the positions of the company in the market of glass fiber products worldwide,'' the company points out.

Since 2013, VSS is the holding company of the company Valmiera Glass UK Ltd in Great Britain, positioning both companies together as one Valmiera Glass Group. The management of the group, based on the tendencies of market development and the planned business results of the group, projects that net turnover in 2014 could reach EUR 127.02 million, while consolidated net profit could reach EUR 9.31 million.