2 March 2007 - The biggest Czech producer of vitamins and dietary supplements extends its current network of foreign branches by a new branch in Latvia.
After Lithuania Latvia becomes the second Baltic country where Walmark will establish its own subsidiary company. The opening of the eighth foreign branch in succession is the evidence of the strengthening of Walmark foreign trade activities. The new branch domicile will be situated in the capital of Latvia Riga and it will start its business activities this summer.
Walmark is no beginner in the Latvia market. Walmark products have been sold here by means of the local business partner for eight years. The Export Director of Walmark Dimitris Anestis says: “The new branch can easily follow the operation of the export department which succeeded in establishing a very good reputation and a relatively strong market position for Walmark products in Latvian market with the products GinkoPrim, ArthroStop Plus, Vitavision and Urinal being the most succesful“.
A new impetus for the development of Latvian economy and market demand followed after Latvia had joined the European Union in May 2004. “Despite the small number of Latvian population which presents approximately one quarter of the Czech population we consider this market to be very interesting. In comparison with other East European countries the standard of living here is relatively high. The anticipated growth of its population as well as the growing tendency to a healthy life style present a strong potential for our further development. The establishment of own business branch with an independent business and marketing policy control helps us to make a better use of the growth potential and to multiply our current turnover in the Latvian market“ said the General Director of Walmark Tomáš Macura and he further states: “ In the recent years we have been successful in opening one foreign branch a year on average and we would like to keep this pace“.
The new Walmark branch in Latvia will be headed by František Čekal who is the director of the branch in Lithuania. He will control the activities of Walmark in both Baltic countries in the future. The General Director Tomáš Macura commented on it: “ Under the leadership of František Čekal the Walmark branch in Lithuania has become one of the three biggest players in the local dietary supplements market within the period of two years and naturally, we expect similar results also in the case of Latvia. Of course sharing one director is not the only synergy Walmark is going to realize in both affined markets.“
Walmark foreign trade activities development is pivotal for the achievement of its strategic goal, i.e. to become the biggest dietary supplements producer in Central and Eastern Europe. At the present time Walmark operates by means of own branches in 8 European countries (the Czech Republic, Slovakia, Poland, Romania, Hungary, the Ukraine, Lithuania, Bulgaria) and it exports its products by means of the local distributors to more than other twenty countries. Today Walmark foreign market sales exceed the domestic sales. Beside the Czech Republic the company is the leader in the dietary supplements market also in Slovakia, Rumania, Bulgaria, Poland, in Lithuania and Hungary it ranks among the first three.
Walmark was established in 1990 and its activities were gradually extended to more fields. For several years the company has declared its strategic orientation on pharmaceutics and after the sale of the agricultural division in 2001 and a significant part of shares in the soft drinks division at the end of 2004, it now fully concentrates on the dietary supplements and pharmaceuticals market. In 2001, the company was transformed from a limited liability company to a joint-stock company with 9 shareholders at the present time – Czech individuals.