Velux Invests 29 Million Euros In Building Of A New Plant In The Yaroslavl Region in Russia

Date: 23 October 2007

Agreement on Intentions and Agreement on cooperation regarding realization of the investment project have been signed between Administration of the Yaroslavl Region, Administration of Rostov Municipal region and JSC “MD-RUS” – part of the VELUX Company Group.

A new plant producing VELUX products is planned to be built on the territory of Rostov, Yaroslavl Region. Total volume of investments is € 29 million (1 billion rubles). Production facilities for the new plant will be placed on the area of 12 thousand sq.m on a previously unexploited plot of land. The plant will provide employment for about 150 people during the next 2 years. It is estimated that the new plant will start production in the third quarter of 2008.

As the Governor of the Yaroslavl region Anatoly Lisitsyn declared on the Agreements Signing Ceremony that the regional Authorities took the obligation to build supply systems at the site of the new enterprise. Region expenses will make 0,6 million Euro (18 mln rubles). The Governor noted that the appearance of such an investor in the region will give a new stimulus to the city of Rostov economic development.

Karsten Jensen the general director of the new operating processes of «Velux» company responsible for Russia said that the company representatives “visited different regions but selected exactly Yaroslavl region and the city of Rostov as were offered the best investment conditions here”.