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Linen of Desna to revive Chernihiv flax processing plant
09
Sep '11
Linen of Desna LLC, a leading producer of flax in the north-east of Ukraine, will soon sign an agreement with Zhytomyr Regional State Administration for the reconstruction of the Volodarsko-Volynsky flax processing plant.

The Novhorod-Siversky-based company will invest US$ 25 million for renovation and to make the plant in Chernihiv region operational.

Serhiy Ryzhuk, who heads Zhytomyr Regional Administration, said under the Zhytomyrschyna Investytsiyna or Zhytomyr Region for Investment, about 10 times more funds have been allocated this year for the development of agriculture. The funding includes flax production and it is planned to increase the area under flax from the present 500 hectares to 5,000 hectares.

Founded in 2009, Linen of Desna LLC is into the core business of flax cultivation, production of flax fibre and packthread. It owns three flax processing plants.

Two plants located in Sobycheve village in Shostka district and in Marchykhyna-Buda village in Yampil district, both in Sumy region, are currently operational. The third plant in Novhorod-Siversky in Chernihiv region is currently under reconstruction.

Post-renovation of the existing facilities and acquisition of new facilities, the company plans to increase its area under flax crops to 15,000 hectares from the present 700 hectares.

In 2010, the company's net revenues were UAH 2.09 million, making a net loss of UAH 1.12 million.

Fibre2fashion News Desk - India

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