Financial Services, Good for Business, Investments, Latvia

The company Valmiera Glass USA Corp. will be located on a 40-acre land plot in the Dublin Industrial Park. The plant will make fiberglass products with high added value for the North American market. Since the production process will be largely automated, the company will need to have well-trained staff, it will also use the advantages offered by the "QuickStart" training program in Georgia.

"The new branch and production facility in the United States is a business development step toward the clients. Valmieras stikla skiedra's sales in North America have been steadily increasing, at the moment, 14 percent of the company's products are exported to the United States and Canada. Starting today, we will bring our products closer to our clients, product supply will take much less time, the long-term profits will increase and we will be able to establish closer cooperation ties with our largest clients. The plant in the United States will bring us new business growth opportunities and consolidate the company's positions on the global fiberglass market," said Valmieras stikla skiedra deputy CEO and Vice-President Andre Heinz Schwiontek.

Dublin-Laurens County Development Authority is pleased at Valmieras stikla skiedra's arrival, said the authority's chairman Scott Beasley. The company is financially sound and will make products for the automotive industry. "We appreciate the company's investments in Laurens County and the new jobs that will be created," he added.

Valmieras stikla skiedra management previously said that Valmiera Glass USA Corp. was to launch production in the first quarter of 2015, and that USD 6.5 million would be invested in the project during phase one.

Valmiweras stikla skiedra's total turnover in the first quarter this year was EUR 28.57 million, the highest quarterly turnover in the company's history, according to the company's unaudited consolidated financial data submitted to the "NASDAQ OMX Riga" stock exchange. The company's turnover in the first quarter this year is 46% higher than in the first three months last year.

Valmieras stikla skiedra group's consolidated net profit in the first quarter was EUR 1.98 million - a 68% increase on the company's profit in the first quarter of 2013.

Valmieras stikla skiedra was established in December 1996. At the moment, "Vitrulan International GmbH" holds 36.20% of the company's shares, "P-D Glasseiden Oschatz GmbH" – 26%, and "P-D Management Industries-Tehnologies GmbH" - 23.93%.