Success story of the previous planning period - Grindex opens new Analytical Scaling Laboratory

On the 19th of June 2007 JSC Grindex, the leader of the Baltic pharmaceutical sector, opened a new Analytical Scaling Laboratory which is the only laboratory of its kind in the Baltic States and one of the few in Eastern Europe.

The project was developed over five years with the total investments amounting to 4.5 m EUR. Nonetheless, it is worth mentioning that more than 2 m EUR of the investments were granted by the state or the EU European Regional Development Fund (ERDF) administered by the Investment and Development Agency of Latvia (LIAA). The State support attracted for the project is the largest funding from the ERDF allocated to single Latvian company.

In March, 2007 Grindex’s new Analytical Scaling Laboratory was certified according to the requirements of “Good Laboratory Practice” that attests the compliance of the laboratory with the highest laboratory standards of the world.

“The realization of this project will strengthen the position of Grindex as the market leader in the pharmaceutical business in the Baltic States. Development of the laboratory will significantly increase company’s competitiveness in both European and U.S. markets. We will be able to develop and implement new technologies for pharmaceutical products, as well as to attract foreign clients more quickly than our competitors.” said Mr Janis Romanovskis, the Chairman of the Board of Grindex.

“The laboratory will secure a stable growth of sales for Grindex in the developed Western pharmaceutical markets, and secure the quality of the products required by these high profile markets. The laboratory will also be an advantage for Latvian scientists who will now be able to order the synthesis of new ingredients,” told Mr Vitalijs Skrivelis, Board Member of the company and the Head of Unit of Active Pharmaceutical Ingredients.

The opening was attended by Mr Aigars Kalvitis, the Prime Minister of the Republic of Latvia, Mr Vinets Veldre, the Minister of Wealth of the Republic of Latvia, and Mr Andris Ozols, the Director of LIAA.

Mr Aigars Kalvitis, the Prime Minister of Latvia, and Mr Kirovs Lipmans, the largest shareholder, officially opens the Laboratory (photo by Grindex).

Gentlemen including Mr Andris Ozols, the Director of LIAA (second row on the right), observe the new state-of-the-art pharmaceutical laboratory.

JSC Grindex is the leading pharmaceutical company in the Baltic States, specializing in manufacturing of heart and cardiovascular medications; CNS drugs and anti-cancer agents. The group consists of four subsidiaries in Latvia, Estonia and Russia. It also has seven representative offices abroad. Export markets exceed 40 countries including the Baltic States, Russia and other CIS countries, Japan, Ireland, France, Netherlands and USA. Grindex is listed in Riga Stock Exchange.

Financial results of Grindex for the first half of 2007 report 36,9 m EUR turnover which is 25% increase compared to the same period in 2006. Net profit in the first two quarters reached nearly 5 m EUR.

For more information about Grindex, please visit the official website – http://www.grindex.lv/

Other success stories implemented with LIAA assistance

Other remarkable projects realized in 2004-2006 period with the help of state support programs via EU Structural Funds administered by LIAA are listed in the following table:

Company	Project	Location	State Support (EUR)
Air Sport Certification Centre	Establishment of Air Sport Certification Centre	Jelgava	2 100 000
Pharmidea	Establishment of Biotechnological Scaling Laboratory	Olaine	2 060 000
Hanza Electronics	Expansion of Manufacturing Plant Targeted for Exports	Ogre	1 423 000
Arbo	Modernization of Manufacturing Plant Producing Wooden Doors and Windows	Ventspils	1 423 000
Broceni Ceramics	Modernization Project of Tile Manufacturing Plant	Broceni	1 423 000
VEF Radio Engineering RRR	Modernization and Development of Radio Engineering Plant	Riga	1 423 000
Tolmets	Establishment of Scrap Metal Processing Plant	Liepaja	1 423 000
V.L.T.	Modernization of Manufacturing Plant Producing Packaging for Transportation of Eggs	Valmiera	1 409 000