EANS-News: Baltic Finance acquires Hetera Ltd
15.07.2011 – 20:03
-------------------------------------------------------------------------------- Corporate news transmitted by euro adhoc. The issuer/originator is solely responsible for the content of this announcement. -------------------------------------------------------------------------------- Mergers - Acquisitions - Takeovers London. (euro adhoc) - Baltic Finance PLC demonstrates its strategic orientation and acquires the Latvian Hetera Ltd. At the same time, the company obtains the licenses required for further investments in dolomite and gravel mining. Due to the upcoming repair of approximately 60 percent of highways in Latvia from the EU Cohesion Fund and the ERDF, amounting to a total volume of 3,823,208,862 EUR, increase in local demand for dolomite and gravel is to be expected. This results in good prospects for the sales and profit development of Hetera Ltd. Baltic Finance PLC has seized this opportunity and bought the Latvian company. In accordance with the general strategic orientation, the takeover is only a first step, and further investments in Latvian road construction are expected to follow. As a short-term measure, there are plans to take over Remex LV, a company specialising in the distribution of precious stones, semi-precious stones and synthetic gems and jewels. In the medium term, further acquisitions of related companies as well as investments in the direct extraction of raw materials are to be pursued. These acquisitions refer both to the integration of existing distribution networks and to the expansion of the entire dolomite mining on site, for example through purchases of stone, dolomite and other mineral quarries. By means of this pooling of know-how, the management hopes to accomplish synergy effects that stimulate the development of a broader product portfolio as well as innovation in the production and marketing of raw materials. The projected turnover of Baltic Finance PLC for 2011 is initially about 3 million EUR and is expected to continuously increase in the following years. Further inquiry note: Janis Ruttuls Phone: +37129466767 E-Mail: jruttuls@inbox.lv end of announcement euro adhoc -------------------------------------------------------------------------------- company: Baltic Finance Plc c/o UK COMPANY SECRETARIES LTD, 11 CHURCH ROAD D-KT23 3PB GREAT BOOKHAM SURREY phone: +37129466767 FAX: +37129466767 mail: jruttuls@inbox.lv WWW: http://www.baltic-finance.co.uk sector: Financial & Business Services ISIN: GB00B642LK05 indexes: stockmarkets: Open Market: Frankfurt language: English