Amica strengthens its eastern ties

In several weeks, a tender will be announced by Amica to choose the company which will build its Russian plant. Construction works will start late in summer. The cooker plant will be partly finances with money lent from the EBRD (USD 25.3m). The whole project is worth EUR 39m.
Today, Amica sells over half of its production abroad. In Eastern Europe it sells its products under Hansa brand. The new plant located in Vielikiy Novgorod near to Sankt Petersburg, will produce all kinds of cookers. The company hopes for big savings thanks to shifting production to Russia. It still has room to build another plant but - as Hanna Wieczorek from Amica management office says - not in the near future.
Amica has recently founded a company in Hong Kong and it may order wares there to sell later under its own brand. Today the company buys a lot of goods in China already.
“The group buys fridges, especially for the German market, dishwashers and microwave ovens sold under Amica brand. We may increase the portfolio”, Marek Uszynski, Amica strategy director said.
Last Friday, over half a million shares of Amica started to be traded. They did not affect the share price.
“The stock belongs to many small shareholders, first of all the beneficiaries of Amica privatization. They asked for conversion in order to be able to sell the stock. But it doesn’t mean that the shares will immediately appear on the market. We don’t expect it”, Hanna Wieczorek believed.