Madara Cosmetics Invests One Million Euros in Green Innovation and Expansion of Production Plant

Cosmetics manufacturer JSC “Madara Cosmetics” has invested one million euros in the development of the production plant and the development of new products, LETA agency was informed by the representatives of the company.

Therefore, the company is approaching the end of the project “Introduction of new products into production with reduced impact on the environment in the field of green innovation “Madara Cosmetics””.

In order to improve more sustainable production, this year a laboratory-sized vacuum mixing machine was installed at the “Madara Cosmetics” production facility, which is intended for the production of both emulsion-type products and decorative cosmetics.

On the other hand, in order to ensure the production of more innovative products, the existing production technologies have been supplemented with another vacuum mixing machine, which is designed for the production of emulsion-type products and is one of the largest product production machines in the factory.

During the project, a powder substance mixing device and a powder pressing device were also installed, thus the work on the development of mineral face powder and other decorative cosmetics novelties is currently being actively continued, developing blush, highlighter and bronzer formulas and shades.

The CEO of “Madara Cosmetics” Gunta Schulte states that this project has strengthened the competence of the research and development team in the development of new products. Also, the newly purchased equipment allows the company to be more efficient in the production process and to develop the variety of shades of decorative cosmetics.

For example, the range of “Skinonym” foundation shades will be supplemented with 12 new shades, which will significantly affect the development possibilities of the “Madara” brand in the category of decorative cosmetics at the international level, the company says.

In cooperation with the Norwegian non-profit research institute “SINTEF”, which is one of the largest independent research organizations in Europe, the company worked on product recipes, perfecting the formula of “SOS Hydra Intense” moisturizing and soothing gel, thus developing the sensory properties of the product.

This year, two new moisturizing products were also launched on the market – “SOS+ Sensitive” night cream and “SOS+ Sensitive” moisturizing cream. The suitability of the products for sensitive skin has been recognized by the Finnish Allergy, Skin and Asthma Federation, the company informs.

At the end of 2021, “Madara Cosmetics” concluded an agreement with the Investment and Development Agency of Latvia (LIAA) on the implementation of the project “Introduction of new products into production with reduced impact on the environment in the field of green innovations in Madara Cosmetics” from January 1, 2022 to 2023. for December 31 of the year. The total amount of Norwegian financial instrument and state funding support for the project amounts to 465,488.42 euros.

It has already been announced that the audited turnover of “Madara Cosmetics” in 2022 was 17.896 million euros, which is 5.4% less than in 2021, but the company’s profit decreased 2.8 times – to 1.229 million euros. At the same time, the turnover of the “Madara Cosmetics” concern last year was 18.696 million euros, which is 3.5% less than in 2021, but the profit of the concern decreased 3.3 times – to 1.121 million euros.

The company was registered in 2006, and its share capital is 377,491.1 euros. The largest owners of “Madara Cosmetics” are Uldis Iltners (23.9%), Lote Tisenkopfa-Iltner (23.73%), Finnish “Transmeri Group Ab” (22.91%), Liene Drāzniece (6.78%) and Zane Tamane (6.34%). “Madara Cosmetics” shares are listed on the “First North” alternative market of the “Nasdaq Riga” stock exchange.

2023-12-19 11:44:05
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