L'Oreal launches first plant in Russia
French cosmetics giant L'Oreal on Thursday launched its first Russian plant, which will produce hair products for key former Soviet Union markets in a region south of Moscow.
The plant will produce shampoos, conditioners and hair colour for Russia, Georgia, Ukraine and Kazakhstan, said Pierre Haller, the company's industrial director in Russia.
Investment consisted of 26 million dollars (19 million euros), he said at the opening event in an industrial park in Kaluga region southwest of Moscow.
"Production capacity is at 120 million units in 2010, a figure that will double next year," said L'Oreal Group's managing director of operations Jean-Philippe Blanpain.
L'Oreal's sales in Russia, its eighth largest market, amounted to 563 million euros in 2009. Its establishment in Kaluga follows in the footsteps of other companies like Volkswagen, PSA Peugeot Citroen, and Samsung.
© 2010 AFP