Estonia, EU – Baltic States, Markets and Companies, Textile

According to Ottenvall, the production in Estonia is developing well. The new shareholders plan to provide the company with access to the virtual showroom called ICYou.

ICYou AB, based in Skövde was founded in 2007 by businessman Fredrik Nilsson. Its business idea is to create a global media and marketing arena that can meet the growing needs of individuals to socialize in the so-called "virtual communities" coupled with businesses’ needs to find novel, effective marketing-channels in order to reach this new and fast-growing market segment.

ICYou’s virtual world, Interactive City, is based on advanced computer-game technology. It will, through its unique interactivity and high-grade pictorial details, offer opportunities to build trademarks, advertise, sell products and offer services in a new way.

Borås Wäfveri produces and sells textile products to customers in Northern Europe.

As EPL Online reports, the Kreenholm textile industry in Ida-Virumaa will make over 50 employees redundant.

“Redundancies concern all departments in connection with reduction of volumes and current economic state. Redundancies start in December and end in February,” said Kreenholmi Valduse AS director general Kenneth Uddh.

He added that after all redundancies, Kreenholm will have less than 500 employees.

Over the recent years, Kreenholm has made over a thousand workers redundant. At the end of 2007, it announced of making 900 people redundant and after that, several smaller redundancies have followed.