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Finpromco expanding in Russia
Machinery company Finpromco, is set to make its Koulinsky Abrasive Plant the leading producer of polymer packaging film over the next five years, as it looks to investment in Russia’s growing packaging industry.The company who already own a number of production plants for plastics, metals and chemicals will look to increase its stake in the country’s strengthening packaging sector.
They intend to invest €30m into the plant in the Ural region of the country over the next five years to capitalise on demand in Russia.
In a report into the country’s packaging industry, despite the relative youth of the sector, research analysts Euromonitor found that packaged food was the most important driver for the industry.
The lastest report into packaging in Russia, found that “Under the influence of competition and market development more and more producers of unpackaged food products are starting to manufacture packaged food.”
It also found that in Russian production alone, food packaging production rose from 55.2b units in 2000 to 78.4b units in 2005, a pattern expected to continue in the next year.
Finpromco also announced that it had already signed a deal with German company Reimotec to begin production of polyester packaging film from January next year.
