In May 2018, Kostroma Region Governor Sergei Sitnikov and SPECTA AG CEO Erik Helin signed a letter of intent to set up additional production and storage facilities in Kostroma.
In August, the regional government signed an investment agreement with the leadership of VolgaStrap, a SPECTA group unit, during a visit by Finnish Ambassador Extraordinary and Plenipotentiary to Russia Mikko Hautala and a group of Finnish business executives. He agreement provided for benefits to the investor for the payback period.
To date, the company has established an additional PET strap production line (3,000 tons of products annually), and a 1,000 sq. m. storage facility. The RUR 230 mio ($3.5 mio) project created 20 additional jobs. The new facility produces packaging tape from recycled materials (plastic bottles) as part of the company’s environmental program.