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KVV Group plans to resume Liepajas metalurgs production in 2014

BC, Riga, 11.09.2014.Print version
Ukraine's KVV Group intends to invest EUR 30 million into Latvian metallurgical company Liepajas metalurgs and resume production already in 2014, the company's owner Valery Krishtal told the business information portal Nozare.lv, cites LETA.

It is planned that Liepajas metalurgs will manufacture metal products for KVV Group, as well as for export.

 

Krishtal explained that the purchase of Liepajas metalurgs will allow the company to ensure its long-term strategy of producing everything from raw-materials to finished products.

 

As reported, The Ukrainian company KVV Group has won the Liepajas metalurgs tender and the right to acquire the metallurgical plant, as Liepajas metalurgs insolvency administrator Haralds Velmers told the press yesterday.

 

KVV Group has offered EUR 107 million, and Liepajas metalurgs must restore the production process already this year," Velmers said.

 

Since the end of August, Liepajas metalurgs continued negotiations with two final bidders – KVV Group and Luxembourg-based United Group, which belongs to Russian millionaire Igor Shamis. According to Velmers, the negotiations concerned the legal aspects of the deal, payment schedules, and the amount of the down payment. In choosing the buyer, the final amount and payment schedules were taken into account.






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