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Slovenia Business Week no. 33: Helios Expands Operations in Russia

Chemical group Helios started talks with Russian Odilak and Raduga Sintez about establishing a new company called Helrus Holding

Chemical group Helios started talks with Russian Odilak and Raduga Sintez about establishing a new company called Helrus Holding. The newly created company, set to manufacture colours and protective coatings, will start production sometime next year, STA has learnt.

Helios will be the majority holder with 51% of shares, with the Russian companies having equal parts of the remaining 49%. STA has learnt that the project is currently in the preparatory phase, so more details will be released early in 2006.

Helios reported sales revenues of SIT 40.36bn (EUR 168.3m) and a net profit of SIT 3.46bn (EUR 14.43m) in 2004. The Helios Group is the market leader in Southeast Europe with subsidiary companies in eight other countries.

Source: Slovene Press Agency STA

Author: STA