Finnish Metsalitto Group and Russian Vologodskie Lesopromishlenniki to build a sawmill in Vologda region

Jun 08, 2004. /Lesprom Network/. Finnish Metsalitto Group and Russian Vologodskie Lesopromishlenniki will build a sawmill in Vologda region. The following statement was made during the meeting between Vologda region governor Vyacheslav Pozgalev and the Finnish delegation, regional administration public-affairs reported. Thomesto, owned by Metsalitto Group, will obtain 44% shares of the futirre enterprise, including 15,4% of shares derived from the shareholders and 28,6% of the direct issue. As a result of cooperation with Metsalitto Group Vologodskie Lesopromishlenniki will receive additional investments in order to boost timber production to 200 thousand cub m/yr, develop the infrastructure and provide technical modernization of the enterprises. Besides, Vologodskie Lesopromishlenniki will participate in the fulfillment of investment projects aimed at profound timber-processing introduction in Vologda region planned by Metsalitto Group. The Finnish delegation informed Vyacheslav Pozgalev about the basic details of the project, the schedule of fulfillment, as well as the signing of an agreement with one of Russian companies acting as technical consultant. The governor ordered the regional government department of economics to hold a number of meetings with the Finnish partners in order to boost the fulfillment of the project. Vologodskie Lesopromishlennike did not disclose the project capacity of the future enterprise.