According to the concern development plans, the Management of “Grindeks” reviews ointment manufacturing and sales perspectives. Corresponding to the market research in the main target markets of “Grindeks”, the company forecasts that the demand of “Grindeks” ointments can double. At the moment the daughter company of “Grindeks” in Estonia - “Tallinn Pharmaceutical Plant” is specializing in the ointment manufacturing. The plant currently manufactures six types of ointment products. To satisfy the increasing demand for “Grindeks” ointment products, the company plans to build a new ointment plant, where manufacturing processes of “Tallinn Pharmaceutical Plant” could take place in the future. At the moment “Grindeks” evaluates financial aspects of the project and the establishment possibilities of the plant in Estonia or Latvia. Chairman of the Council of JSC „Grindeks” Kirovs Lipmans emphasizes: “The ointments are one of the target directions with the development possibilities. Therefore we are thinking about options to develop a new ointment plant. Initially planned costs of the project were 4 million euros. Sadly, in the background of the financial and economical crises, the project costs in Estonia have doubled and we are forced to suspend the project and to reevaluate the ointment manufacturing business development aspects for the future.” During the financial and economical crises throughout the world “Grindeks” also considers all possibilities to optimize business costs. “To maintain the ointment plant in the center of Tallinn, Tondi street 33, is cost-wise expensive and ineffective for commercial activities. If decision to move the manufacturing processes will be made, there will also arise a question about the development of this territory. To build a business center is one of the possibilities,” says Kirovs Lipmans. “Tallinn Pharmaceutical Plant” is a manufacturer of national importance of Estonia. Founded in 1914, it is one of the largest pharmaceutical plants in the state. In 1998 JSC “Grindeks” bought majority of stakes of the plant. To improve the governance of the concern, optimizing the processes of the “Tallinn Pharmaceutical Plant” and to achieve strategic goals, “Grindeks” bought out all the shares of minority shareholders, becoming its unique owner in 2004. JSC “Grindeks” is the leading pharmaceutical company in the Baltic States. Its main fields of action are: research, development and manufacturing of brand products, generics and active pharmaceutical ingredients. “Grindeks” specializes in the heart and cardiovascular, CNS and anti-cancer medication therapeutic groups. A range of “Grindeks's” products covers a successful combination of original products and generics, with the original products Mildronate® and Ftorafur® and more than 100 forms of effective and safe generics included therein. “Grindeks” concern consists of four subsidiary companies in Latvia, Estonia and Russia, as well representatives and representative offices in fourteen countries. Products of the company are exported to more than 40 countries and its export comprises more than 96% of the total turnover. The main markets are: the Baltic States, Russia and other CIS countries, Japan, USA. “Grindeks” shares are listed in the Official List of Riga Stock Exchange. You are kindly invited to www.grindeks.lv to find out more about our company! Contacts: Laila Kļaviņa Head of the Communications Department JSC “Grindeks” Phones: +371 67083370, + 371 29256012 e-mail: laila.klavina@grindeks.lv