One of the leading manufacturers of hygienic and cosmetics goods in Russia, iCotton makes a wide range of products, including wet wipes, baby products, household goods and household chemicals. iCotton has distribution networks in Ukraine, Belarus, Kazakhstan, Moldova, Tajikistan and Uzbekistan and is trading mainly in Poland, Czech Republic,Germany, Hungary, Italy, Sandinavia and CIS countries.

To reach the European markets, iCotton was looking to establish a manufacturing facility in one of the European Union countries, and began operations in Latvia in 2011, based on the country’s workforce quality, especially the language skills, advantageous manufacturing costs and the central location. Located in the Baltic Sea port city of Liepaja, the company benefits from receiving corporate income tax (CIT) rebate for its initial long term investment in Latvia.

In 2016 iCotton launched a new production line, investing EUR 8.1 million, co-financed by European Union funds and Citadele bank. The new production line that performs a full production cycle starting from non-woven fabric to cotton pads and a wide range of other products strengthens the company’s position in the market, making it the leading manufacturer of cotton products in the Baltics.

iCotton Executive Director Sergejs Binkovskis notes, “Latvia impressed us with accessibility and ease of communication with municipalities and national government institutions which have been helping us to implement our projects.”

Latvian iCotton has acquired 3,852,200 shares in Harper Hygienics, the Warsaw Stock Exchange (WSE)-listed producer of skin cleaning products such as cotton pads, in the tender offer. As a result, the company increased its stake by 6.05 percent to 66 percent