Chemosvit to start Ukrainian joint venture

Chemosvit, a foils producer in the central Slovak town of Svit, plans to begin production in its joint venture "Luckchia" in the Ukraine this September. Chemosvit (which provided capital) and its Ukrainian partner (which provided land and production facilities) own 50 percent each of the joint venture. The company will employ 40 people and expects to produce 1,000 tons of PET foil annually. The establishment of this joint venture is part of an aggressive penetration into the former USSR markets. Chemosvit's exports to these countries grew from zero to 13 percent in the past two years. Also, with help from European banks, it wants to establish other joint ventures in the central and eastern European region. Chemosvit sells 28.1 percent of its total output domestically, and exports 26.1 percent to the Czech Republic, 19.3 percent to Poland, and the remainder to other countries.