LATVIA: Tolaram Fibers Gets New Owner
Latvia's leading textile business, Tolaram Fibres, has got a new owner. French chemicals company Rhodia has bought Tolaram Singapore for $9m. Tolaram Singapore went bust last year, with a loss of 2,700 jobs. Rhodia reckons that it will be able to find jobs for 700 of them. Previously, the Latvian government had chosen to sell Singapore to another investor, Borås Väfveri of Sweden, since the Swedish company could not guarantee full employment.
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