Latvian company PET Baltija, one of Nordic’s largest PET bottle processors, will buy a 100% stake in traditional textile manufacturer Tesil Fibers from Planá nad Luznicí’s Silon. This is the largest investment to date by a Latvian company in the Czech Republic. From her, PET Baltija wants to increase turnover by more than half and increase access to new markets.
“With this deal, PET Baltija is on the map of international players. We believe Tesil Fibers has high growth potential with an experienced team of professionals. We want to ensure an optimal supply of recycled PET materials.This will also lead to the desired increase in the amount of PET recycled,” said Chairman of the Board of PET Baltija Salvis Lapiņš.
Silon is now fully focused on the production and development of semi-finished compounds for the plastics industry. As stated by CEO of Silon Šuchrat Saidov, the company has decided to find a strategic partner for Tesil Fibers who can further develop this sector.
Textile production in Planá nad Luznicí dates back to 1966. Tesil Fibers currently employs 150 people. The plant is capable of producing 33,000 tonnes of polyester fiber per year and is the largest in the Czech Republic. We supply European car manufacturers, sanitary products, furniture and textile manufacturers. In recent years, the company’s turnover has reached his €27 million (approximately 675 million crowns).
The majority owner of PET Baltija is the INVL Baltic Sea Growth Fund. Backed by the European Investment Fund, it focuses on supporting innovative companies in the Baltics. With a capitalization of €165 million (more than 4.1 billion crowns), it is the largest investment company in the Baltics. He invests between €10 million and €30 million in companies that demonstrate high growth potential and global competitiveness.
It focuses on the border areas of the Baltics, Poland, Scandinavia and Central Europe. He has invested in six companies in healthcare, construction, plastic recycling and waste management, veterinary services, cosmetics and hygiene products.
“This acquisition reinforces the Fund’s commitment to significantly expand PET Baltija. We are on track to reach our goal of doubling PET,” said Deimantė Korsakaitė, Chairman of the Supervisory Board of PET Baltija. PET Baltija has a turnover of approximately €100 million (approximately 2.5 billion crowns).
The Latvian company PET Baltija is one of the largest PET processors in the Nordic countries and the largest PET processor in the Baltics. It belongs to the Ecobaltia Group, which deals with waste management. PET Baltija focuses on the recycling of used PET bottles and produces so-called PET flakes and granules. Eco Baltia Group’s expected revenue last year has doubled year-on-year to around €150 million (approximately 3.7 billion crowns). The increase was partially supported by the acquisition of Lithuanian waste management company Ecoservice in August.
With a tradition dating back to 1950, Silon earned €150 million (over 3.7 billion crowns) last year and employs more than 400 people in Planá nad Lužnicí. Its products are used in the construction, energy, sanitary products or automotive industries.