Georgian firm to manufacture finished leather
Georgian-Italian leather manufacturer Philimaska says support from the Bank of Georgia (BOG) will allow the brand to produce finished leather.
The BOG has provided the company, which has one of the largest manufacturing plants in the Caucasus, with a series of loans.
In February 2010, the bank granted Philimaska with a $500,000 loan, followed by a $350,000 loan in May 2010. This money was used to construct the plant and was repaid in full the following year.
Then the company decided it not only wanted to produce wet blue leather, but to produce finished leather and leathergoods. It has borrowed a further $1.7 million from the BOG to help it expand production from around 150 tonnes to more than 450 tonnes and to add value to the cow, bull and buffalo hides it produces.
Financial director Irakli Kotia said that the leather manufacturer will start producing finished leather in July and hopes to start exporting to the Asian market for use in footwear and other leathergoods. The company also plans to add around 30 staff to its current workforce of 120.
