Turkish company to triple investments in Alabuga special economic zone
MOSCOW. June 3 (Interfax) - The Economic Development Ministry's expert council has approved the request of Kastamonu Integrated Wood Industry, a resident of the Alabuga special economic zone (SEZ), to increase investments in the zone to 10.3 billion rubles from 3.6 billion rubles.
"Kastamonu Integrated is planning to hold 20.3% of the Russian market for MDF [medium-density fiberboard] by 2017. There was previously talk of 13%," OJSC Special Economic Zones said in a statement.
The company plans to launch a factory in two months, the statement says. Kastamonu Integrated is expecting to have annual revenue from board sales of 4.656 billion rubles and profit of 2 billion rubles.
Kastamonu Entegre, the parent company of Kastamoru Integrated, has nine woodworking plants, six of which are in Turkey. The company produces wood particleboards, MDFs, laminate flooring and other products.
