The French cosmetics company L’Oreal is to invest €45 million ($69.9 million) in a project to build a cosmetics plant outside Kaluga, a city 190km (118 miles) southwest of Moscow, the local administration said on Tuesday.
“The government of the Kaluga Region and the French cosmetics company L’Oreal signed on Monday an investment agreement to build a cosmetics plant in the region. The total sum invested is expected to be €45 million,” the administration said in a statement. The L’Oreal plant, to be built by late 2010, will occupy 15 hectares (37 acres) at the Vorsino industrial park. It will roll out 300 million units annually, mostly hair-care items.
L’Oreal plans to use local materials and establish partnerships with packaging producers and suppliers of other services. Region governor Anatoly Artamonov has assured the French partners that all the necessary support will be rendered to the project. Headquartered in Paris, L’Oreal is the world’s leading company in cosmetics and beauty products.
The Kaluga Region is a popular site among global industries for localizing their production in Russia. A number of global leading carmakers, including Volkswagen, Peugeot-Citroen and Mitsubishi, have plants in the region. (rian.ru)