German Chemical Group Sets Up Joint Ventures in Latvia, Lithuania and Estonia Vilnius, Riga, Tallinn (ots) - Henkel CEE, the Central and Eastern European headquarters of Germany's global chemical company Henkel, has established three new joint ventures in the Baltic States, designed to market and distribute its cosmetics and personal care products. The future-oriented move into Latvia, Lithuania and Estonia aims to expand Henkel's market leadership position in Central and Eastern Europe and ensures ongoing growth. Henkel employs more than 4,100 people in the region at 14 subsidiaries in 14 countries, posting revenues of USD 700 million (Euro 610 million) in 1998.
At the same time, Henkel will invest approx. USD 2 million (Euro 2 million) to set up an efficient local product distribution system. The company is committed to upgrading the service sectors and logistical capabilities of the three emerging markets in line with EU standards, as well as assisting the countries to modernise their economies as a step towards potential membership in the European Union. The joint ventures were set up in co-operation with Escor Group, a Baltic marketing company in which Henkel purchased a 60 % stake. Operating under the name "Henkel-Escor", the three new companies will employ an initial work force of 74. Supervision is in the hands of Henkel Central Eastern Europe, the group's Vienna-based regional headquarters. Day-to-day coordination of the company's cosmetics and detergents business in the Baltic States will be handled by Henkel Polska, the Warsaw-based Polish subsidiary. The Dusseldorf-based Henkel Group, with 340 companies operating in over 70 countries, is a world-wide specialist in applied chemistry and one of the leading manufacturers of detergents, household cleansers, cosmetics and adhesives. ots Original Text Service: Henkel Central Eastern Europe For more information, contact: Ernst Primosch Henkel Central Eastern Europe Phone +43.1.71104.254 E-mail email@example.com