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Austrian-Swiss Kronospan acquires Latvian particle board manufacturer

4. August 2005

Swiss-Austrian particle and laminate board manufacturer Kronospan has acquired a majority of the shares in Latvian particle board manufacturer Bolderaja

One of the owners of Lithuania's Baltijos Baldu Grupe Rimas Varanauskas informed the public, that the Swiss-Austrian particle and laminate board manufacturer Kronospan has acquired a majority of the shares in the Latvian particle board manufacturer Bolderaja. Lithuania’s Baltijos Baldu Grupe held more than 80 % of Bolderaja shares. Details of the transaction would not be disclosed, but it was confirmed, that not all the shares in Bolderaja held by Baltijos Baldu Grupe were sold to Kronospan.
According to a report by Dienas Bizness, Kronospan intends to invest up to EUR 100 million over the next few years in upgrading Bolderaja. This aggregate investment would make Kronospan one of the single largest investors in the Latvian forestry products and building materials sector.
Kronospan is one of Euopes leading wood materials producers. The company produces particle and medium density fiber boards as well as laminate boards.  The owner of the company, the Austrian Ernst Kaindl, developed this market leader corporate group out of his principal manufacturing plant in Salzburg, Austria. His brother Matthias Kaindl owns a seperate corporate group in the same field of business, which also started up with the manufacturing plant in Salzburg. Both companies together have production units in Switzerland, France, Germany, Luxemburg, China, Russia, Bulgaria, Romania, Great Britain, Slovak Republic, Czech Republic, Lithuania, Hungary, Poland and now also in Latvia.

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