Although many western companies have left the country since Russia’s full-scale invasion of Ukraine, the woodworking company “Kronospan” founded in Austria and registered in Cyprus, whose group also includes SIA “Kronospan Riga”, not only continues to operate in Russia, but also expands it.
A year ago, as part of the four-stage investment project, “Kronospan” opened a modern chipboard production facility in the special economic zone in Lyudinov, Kaluga region.
On the other hand, in the second phase of the production plant, which was opened last December, “Kronospan” subsidiary “Ultra Dekor Rus” has started the production of decorative paper bases, reports the local portal “iĐudinovo”.
This factory was built in just one year. The area of buildings and structures is more than 80,000 square meters, and it is planned to produce more than 40,000 tons of products annually, the portal writes.
“Kronospan” also operates in Latvia.
It has already been announced that in the financial year that lasted from October 1, 2020 to September 30, 2021, “Kronospan Riga” worked with a turnover of EUR 305.186 million, which is 71.6% more than in the previous financial year, while the company’s profit increased 3.9 times and was 105.013 million euros.
“Kronospan Riga” was registered in 2005, and its share capital is 40,999,816 euros. The sole owner of “Kronospan Riga” is the company “Kronospan Baltic Holdings LTD” registered in Cyprus, but its real beneficiaries are Prince Michael von und zu Liechtenstein, Cypriot citizen Spir Spiru, Liechtenstein citizen Kristof Anton Nutt, Bulgarian citizen Nikolay Lazarov. Bankov and German citizen Wolfgang Hermann Seifert.
