Company of the Year – marina developer Top Marine

Enterprise Estonia (EAS) announced its Company of the Year Awards winners in a lavish ceremony on Thursday evening. The first-ever Company of the Year award was given to Estonia’s leading marina developer Top Marine Ltd.

Top Marine Ltd, a small family business owned by Anneli and Andry Prodel, produces a range of pontoons and mooring products, offering solutions to floating dry-docks from initial product design to final production. The largest projects that the company has been part of are marinas in Riga in Latvia, Turku in Finland, and Kärdla on the island of Hiiumaa, Estonia.

A marina differs from a port in that a marina does not handle large passenger ships or cargo from freighters. The company’s production unit is based near Rakvere and employs 15 people.

Top Marine was founded in 2004 and first outsourced its services to Finland.

All raw material comes from Estonia and about 80 percent of the final produce is exported. Top Marine has clients from Estonia to Singapore.

The Prodel family told ETV’s “Terevisioon” that their success is very much down to the fact that they have been able to combine work with lifestyle factors.

“Our best marketers are our products,” Anneli Prodel said.

Source: ERR News

HKScan to invest 20 mEUR into Rakvere plant

The Finnish food group HKScan is planning to invest 20 million euros into its meat processing factory in Rakvere.

The plan is to build a new production unit at the Rakvere production unit with a total area of around 10,000 square meters. The planned investment is to mainly support drawing up the group’s new brand Flodins, the company said.

The planning stage of the investment is to last until the spring of 2015.

Source: BBN

Estonian pharmacies blame Finnish competitor of market abuse

Estonian Association of Pharmacists is demanding that the Finnish Minister of Social Affairs and Health, Laura Ratya, studies whether Ülikooli Apteek, Estonian unit of Finnish-owned pharmacy group Yliopiston Apteekki, is abusing its market position in Estonia, writes Äripäev with reference to Kauppalehti.

According to the association, Ülikooli Apteek is taking advantage of its special status in competition in Estonia.

According to the association, YA which in Finland has a special status is expanding in Estonia by using the assistance that it receives from the Finnish state.

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Fazer to close Tallinn plant, lay off 95

Finnish food group Fazer announced yesterday it will close its plant in Tallinn in April, laying off 95 workers, reported Äripäev.

Fazer said the move is part of its strategy to consolidate its Baltic manufacturing operations to Latvia and Lithuania.

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Business sector profit same as 2Q last year

According to Statistics Estonia, in the 2nd quarter of 2014, the total profit of the business sector was 836 million euros, remaining the same compared to the 2nd quarter a year ago.

The biggest contribution to the growth in profit was made by agriculture, manufacture, transportation and storage, and real estate activities. The growth in the profit of the business sector was negatively influenced mostly by construction and wholesale activities. The profit of manufacturing, which holds the largest share in the total profit of the business sector, increased 9%, mainly due to the increase in profits in the manufacture of food and in the export-oriented manufacture of wood and metal products.

In the 2nd quarter of 2014, enterprises sold goods and services for 12.9 billion euros, which was 1% more than in the same period a year ago. The turnover of trade and manufacturing enterprises, which have the biggest share in the total turnover of the business sector, remained on the level of the previous year. The biggest increase occurred in the turnover of enterprises specialising in the professional, scientific and technical activities.

Compared to the 2nd quarter of 2013, the total costs of enterprises increased also 1%. Personnel expenses increased 7%. The number of persons employed and the number of hours worked increased 1% and 4%, respectively. The labour productivity of the business sector on the basis of the value added amounted to an average of 5,700 euros per person employed in a quarter and was 3% higher than in the 2nd quarter of 2013.

The investment activity of enterprises continues to decrease. In the 2nd quarter of 2014, enterprises invested 529 million euros, which was 17% less than in the same period of the previous year. The largest investments were made mainly in buildings, equipment and machinery. The main investors were agricultural, manufacturing and trade enterprises with more than a half of the total investments of enterprises. Compared to the 2nd quarter of 2013, investments in land and in the acquisition of buildings increased. Other investments decreased, with investments in equipment and machinery declining the most.

Total profit of the business sector, 1st quarter 2010 – 2nd quarter 2014

Diagram: Total profit of the business sector, 1st quarter 2010 – 2nd quarter 2014


Source: Statistics Estonia

Solaris cinema likely to be sold to Apollo

in a space-themed acquisition of a central Tallinn property, Solaris, one of the two multiplex cinemas in the city center, is likely to be bought by a subsidiary of the Apollo media group after a deal was inked late last week.

Approval from the Competitiion Authority is needed for the would-be sale to Apollo Kinod, which also operates a cinema in Pärnu.

The multiplex in the Solaris shopping mall was a Cinamon movie theater but was unloaded soon after the mall opened.

Last year, the current owner, Solaris Property Partners, then tried to shop the business to Forum, which operates the other city center multiplex in Coca-Cola Plaza, but antitrust regulators blocked the sale.

Source: ERR News

PKC Group to close its plant in Haapsalu

International manufacturer of wire harnesses PKC Group that has two plants in Estonia in Keila and Haapsalu announced that it is going to close down its plant in Haapsalu by the end of this year.

The company said that its objective is to maximise the production capacity in Europe in modern competitive factories in Serbia and Lithuania.

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