(E) Croatia: Rockwool Group to invest 75 mil. euros in new plant
Croatia: Rockwool Group to invest 75 mil. euros in new plant
12:50 - 08 July 2005 - The Rockwool Group, a leading world manufacturer of mineral wool insulation for thermal, fire and acoustic protection, will build a rock wool manufacturing factory in the town Potpican in Istria, Croatian Economy Minister Branko Vukelic said , The investment worths 75 million euros.
The plant is to start operating in mid-2007 and it will sell its products in Croatia and on the southern European market, Vukelic told Hina. "Initial establishment costs are estimated at approx. EUR75 million - an investment which will cover construction, equipment and machinery, and staff training. For the Rockwool Group, the investment expenditure in 2005 is still expected to be EUR150 million," reads a press release the Rockwool Group issued on its web site..
The plant will employ 130 workers full time and there are plans to increase the number of employees to 200 over the next five years, with the indirect employment of another 130 people.
The importance of this investment is also in producing positive effects on other companies that want or intend to invest in Croatia, the minister said, adding that this greenfield investment also enhances Croatia's image.
The investment is backed also by local authorities.
In 1937, Gustav Kahler set up Rockwool's first factory near Copenhagen, Denmark. By the end of the 1990s Rockwool had 21 factories in Denmark, Norway, Germany, the Netherlands, Wales, France, Canada, Poland, Hungary, the Czech Republic, Russia and Italy. In 2003, the Rockwool Group is represented in more than 30 countries worldwide - with production in 14 countries from Canada in the West to Malaysia in the East.
The group's annual turnover is one billion euros.