Estonia attracting foreigners

At a time when in the last five years, Estonian labour market has lost about 40,000 people and, according to forecasts, another 40,000 will be leaving in the next five years, more and more foreigners are being attracted to Estonia in the hope to find better life, writes Äripäev.

One of such foreigners is Finn Pauliina Purkola, owner of creative agency WTF Group, who moved to Estonia together with his husband this summer in order to escape the negativity and pessimism of Finland.

The difference is that people moving to Estonia from the West are usually business owners, while people coming from the East are looking for employment.

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GrabCAD sold for 77 mEUR

The world’s largest 3D printer manufacturer, Stratasys, signed a deal to buy GrabCAD, an Estonian-founded startup, on Tuesday.

The sale will be finalized at the end of the month with CEO Hardi Meybaum continuing as head of the company. Techcrunch.com valued the sale at around 100 million US dollars, or 77 million euros.

Meybaum said the two companies share the same vision of the evolution of design and manufacturing, adding that GrabCAD will now have better resources to develop.

GrabCAD is a collaborative product development tool designed to help engineering teams manage, view and share computer-aided design files. It has more than one million users.

The company was founded in 2009 by Meybaum in Estonia, but moved to the United States in 2011.

Source: ERR News

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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Russian businessman buys historic manor house in Saaremaa

The new owner of the Tõlluste manor house located in Saaremaa is the Estonian subsidiary of Natura Siberica, a Russian-owned natural cosmetics brands, writes Meie Maa.

Businessman Toomas Leis sold the manor house to Russians at the start of August and the property should change hands within this month.

The parties have not disclosed the price, but in the spring Leis was selling the manor house complex for 575,000 euros.

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Pictures

Businessman Toomas Leis bought the manor in 2007

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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Doubts over data warehouse project

The ambitious plan that is backed by Finnish businessmen and is being promoted by leading IRL politician Eerik-Niiles Kross to build Europe’s largest data warehouse in Estonia raises doubts, writes Delovye Vedomosti.

Dmitri Kostenko from Web Solutions Hosting Ltd says that he is sceptical about the feasibility and cost estimations of the project.

„One questionmark is the cost of the project at about 3,000 euros per square metre. For a turnkey project, it is not enough,” Kostenko todl DV.

„They have also said it would be built either in Muuga or in Paldski which means that it will have water and air cooling which will add notably to the total cost,” he added.

Kostenko adds that such data warehouses are considered low-profit investments which may make it diffficult to attract enough investors for the project.

„Estonia’s own data needs are too small for the capacity of its server stations which means that it would not be feasible without international business,” he added.

Also , according to the project manager Jussi Vartiainen, the decision whether to build the data warehouse in Paldiski or Muuga will be made in October after the European Commission decides on the funding of Balticconnector gas pipeline and LNG terminal because the facility will require significant gas supply.

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Oleg Ossinovski is the richest person in Estonia

The business daily Äripäev has named transport mogul Oleg Ossinovski as the richest person in Estonia, in its annual list of the 500 richest people in Estonia.

Ossinovski, whose son Jevgeni Ossinovski is a Social Democrat MP and who helped finance the 2011 campaign for the seat, saw his fortunes increase by 75 million euros to 297.9 million, Äripäev said today. Skinest Rail, owned by Ossinovski, had a excellent year, sells and repairs train rolling stock in the Baltics, Ukraine and Russia. Ossinovski also owns Spacecom AS, which leases railroad tanker cars.Oleg Ossinovski

Hillar Teder of food retailer O’Key Group, who had claimed the spot in the previous two years, is now second, with the daily lopping 55 million euros off its estimate of his worth to take him to a mere 295 million euros.

The rest of the top 10 were as follows:

3. Priit Piilmann, major shareholder in Viru Keemia Group – 211.2 million euros (132 million in 2012)

4. Armin Karu, major shareholder of Olympic Entertainment Group – 161.5 million euros (112.5 million)
5. Toomas Annus, chairman and major shareholder of Merko real estate developer – 143.1 million euros (133.8 million)
6. Margus Kangro, major shareholder in Viru Keemia Group – 132.1 million euros (104.4 million)
7. Fjodor Berman, owner and head of BLRT Group – 119 million euros (182.2 million)
8. Marcel Vichmann, owner of Edelaraudtee and GoBus – 117.5 million euros (107.1 million)
9. Sonny Aswani, managing director of the Tolaram Group in Estonia – 117.2 million euros (109.9 million)
10. Roman Stroykov, an industrial wholesaler – 115.1 million euros (89.5 million)

Source: ERR News

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