Rigas elektromašinbuves rupnica
About approval of EU funds Project
Rigas elektromašinbuves rupnica 05.03.2014 08:33 Dissemination of a Adhoc News, transmitted by DGAP - a company of EQS Group AG. The issuer is solely responsible for the content of this announcement. --------------------------------------------------------------------------- JSC 'RIGA ELECTRIC MACHINERY FACTORY' (JSC 'RER') informs that regarding to the information sent previously, 'Investment and Development Agency of Latvia' has approved the Project 'The launch of production of new asynchronous traction motors' of JSC 'RER' on the 3rd March, 2014, within the support program 'High value-added investments'. Total Project investment: ~2.85 million EUR. Total ERDF co-financing - 1 280 584 EUR The aim of the Project is to purchase new technologic machines for expanding product range based on innovations developed by employees and to launch the production of new asynchronous traction motors for electric passenger coaches and improving asynchronous traction motors for metro coaches. The implementation of the Project will secure higher quality of products, diversify product range, strengthening the competitiveness of the company and to raise the value of products and it could cause new export markets in future. As a result of the Project will be modernization and expansion of production including development of new products. JSC 'RIGA ELECTRIC MACHINERY FACTORY' The Board News Source: NASDAQ OMX 05.03.2014 DGAP's Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de --------------------------------------------------------------------------- Language: English Company: Rigas elektromašinbuves rupnica Latvia Phone: Fax: E-mail: Internet: ISIN: LV0000101012 WKN: End of Announcement DGAP News-Service ---------------------------------------------------------------------------
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