Russian Titan to invest $50 in technical modernization

Aug 19, 2004. /Lesprom Network/. Russian Titan group of companies will invest $50 million in the technical modernization of the enterprises, business development director Natalya Pinyagina said. ‘We have already invested $20 million in the raw materials production sector, now we are going to spend another $50 million, because we see the supplies of modern equipment to the enterprises our main task’ he stressed. Titan owns 15 timber enterprises, 2 timber mills, Murmansky tare enterprise, Archbum, Podolsk corrugated tare factory and a number of trade and sales enterprises. Titan timber enterprises reported production up 11.9% to 897.6 thousand cub m within 7 months in 2004 compared with the prior period in 2003.