Paroc Group has has decided to invest in a production plant in Tver region, northwest from Moscow. According to Paroc Group CEO Kari Lehtinen the stone wool market in Russia is expected to grow clearly faster than that of Western Europe in the coming years. “The stone wool demand in Russia is expected to grow with an annual rate of approximately 10 % for several years to come. The expectation is that the insulation demand in Russia is increasing significantly, carried by tightened legislation in the area of energy efficiency and fire protection in buildings. In addition Russia is clearly a stone wool market, where our product properties are highly appreciated”, quotes Lehtinen.
Over the past two decades Paroc has established a strong position in the premium insulation market in Russia through sales operations in Moscow and St. Petersburg. We are in a good position to respond to the growing demand by establishing our own local production”, Lehtinen continues.
Paroc plans to invest € 170 million in Tver, consisting of three building insulation lines and equipment for technical insulation production. Annual production capacity will amount to 150 thousand tons and the plant will employ 600 employees.
The first phase of the investment includes one production line for building insulation products. The production will start in 2013.