Belarusian-Austrian venture to be set up at Svetlogorsk Khimvolokno in H1 2008

A Belarusian-Austrian joint venture will be set up at Svetlogorsk Khimvolokno in H1 2008 to produce viscose industrial threads, Director General of Svetlogorsk Khimvolokno Vasily Kostyukevich told media on October 18. A memorandum of cooperation between Svetlogorsk Khimvolokno and Glanzstoff Group was signed in Vienna the same day. The new company will be named as Glanzstoff Belarus. According to Vasily Kostyukevich, the sides started discussing the possibility of setting up the joint venture back in 2005. Soon the partnering companies intend to determine main regulations concerning the foundation of the joint venture. The Director General of Svetlogorsk Khimvolokno believes, it will be a new step in the company’s development, will foster the production of better quality make and hence achievement of new markets. Director General of Glanzstoff Group Helmut Stalf remarked, the Austrian side intends to share contemporary technologies with Belarusian companies. Within one-two years the company will invest ?20 million in buying new equipment for Svetlogorsk Khimvolokno. Thus, by 2009 Svetlogorsk Khimvolokno plans to achieve the maximum production capacity. Svetlogorsk-based production corporation Khimvolokno is one of the largest petrochemical companies in Belarus. The company combines a polyester continuous filament yarn plant and an artificial fibre plant. Glanzstoff Group comprises four viscose thread plants in Italy, the Czech Republic, Luxembourg, and Austria. Their annual production volume makes ?200 million. The products are shipped to the world’s largest automobile makers.