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A plant “Liepajas Metalurgs” will resume production in February

A metallurgical enterprise KVV Liepājas Metalurgs (KVV), taking over the assets of an insolvent Latvian company Liepajas metalurgs, plans to resume its production in the first half of February, told a member of the board of KVV Igor Kovalenko to journalists on Monday.

According to his words, KVV can employ 1300-1400 people working at full capacity, but at first the plant will require 500-600 workers.

The enterprise administrator of Liepājas Metalurgs Harald Velmers handed symbolic keys to the enterprise to Kovalenko on Monday.

As it was previously reported, Velmers signed a contract for the sale of the main production of the enterprise to a Ukrainian company KVV Group in October 2.

KVV will pay 107 million euro over 10 years for basic production of Liepājas Metalurgs. KVV plans to invest 30 million euro in the resumption of production.

Liepaja Court declared the company insolvent after unsuccessful search of investors on November 12, 2013.