Baltic Export, Good for Business, Investments, Latvia, Markets and Companies, Textile

iCotton has become the leading cotton products producer in the Baltics, performing full production process starting from non-woven fabric up to cotton pads and other products, the company said in a statement to the press.

The new production line should boost the company’s turnover at least five times.

Italian-Russian joint venture iCotton has been producing wet wipes and baby diapers in Latvia’s southwestern Liepaja city since 2013. The new investment project will help to launch production of new cotton products – no-woven fabrics, cotton pads and swabs.

iCotton employs 180 people. iCotton has found export markets in Poland, Italy, Sweden and the Czech Republic. There are also ongoing talks with partners in the UK. The company is also exporting to Russia and Ukraine.

iCotton Executive Director Sergejs Binkovskis said that the new modern equipment will help to improve the quality of the end product. Innovation in the product is use of bamboo fibers, reducing allergy risks. The first iCotton-made cotton pads will be available in Latvian stores in late May.

Of the total EUR 8.1 million investment in the new project, EUR 5.7 million has been financed by Citadele bank, while the EU structural funds resources and the company’s own resources are also used.

According to Firmas.lv business database, iCotton (formerly Cotton Club Liepaja) is equally owned by Italian Sanitars S.P.A, company and Russian citizen Maralbek Gabdsattarov.

In 2014, the company posted EUR 5.73 million in turnover and closed the year with a loss worth EUR 173,573.