One of the leading cosmetics producers in Latvia – Kinetics Nail Systems – has received a significant amount of funding from Nordea Bank. EUR 400,000 will be used to refinance standing commitments and provide turnover funds.
“This year’s funding from Nordea Bank will be used for the development of new formulae, expansion of products offered by our company and increase of turnover to explore new markets. Our new production plant promises increasing production output five times in the first three years and ten times in five years,” bank representatives say.
The cosmetics producer has announced multiple tenders for research and equipment rent this year. For example, EUR 14,000 has been invested in research of different pigments and their suitability for different technologies. Nearly EUR 60,000 has been diverted for the procurement of raw materials to perform air-drying nail coating research, the bank reports.
Over 95% of Kinetics Nail Systems’ products are exported to more than 20 countries. The largest exporter countries include Iran, United Arab Emirates, Saudi Arabia and Russia, where the company created its own distribution company Smart Colour Distribution last year. (BNN/Business World Magazine)