TECHO establishes a branch in Georgia
8.7.2008
TECHO establishes a branch in Georgia
PRAGUE, 07th July 2008 – Commercial interiors company TECHO established a new branch in Georgia in June of 2008. TECHO GEORGIA Ltd. will be managed by Michael Kodua, a Georgian who has a Czech family. Among the important clients in this Transcaucasian country is the largest retail bank in Georgia, Bank of Georgia. The sales of TECHO GEORGIA Ltd. should reach 100 million crowns within two years.
Opening a branch in Georgia is part of the TECHO’s long-term strategy to enter the markets of Central and Eastern Europe where expansion is always based on existing key accounts. „We do not open any new branches without an existing client in the given market. In Georgia our client is the largest local retail bank, Bank of Georgia. It is only active in two of our target markets but cooperation is developing well,“ added Jan Petrák, Strategic Development Director at TECHO.
Initially TECHO intends to concentrate on creating a local team and with regards to key services cooperate with the best in the market – from architects to removal and installation companies. The company is expected to generate a profit in its first year and within two years its sales should reach 100 million crowns. „With regards to the fact that from day one we have clients in Georgia, the consolidated results from this country should be positive right from the first year. As with our other markets, it is important that we are very active and competitive here. We don’t want to be just one of many, we want to be the market leader,“ stated Jan Petrák. Advantages of this region are that the competition is not yet well developed, Georgia has commenced a programme of economic reforms and there is a high rate of GDP growth. „This represents an opportunity for all companies in our field that are bold enough to take it,“ added Jan Petrák in relation to prospects for the company in this country.
In the future TECHO also envisages establishing its own production facility in Georgia, whether by purchasing an existing producer or building a new factory. Apart from the existing markets and the new Georgian market, TECHO plans to concentrate on the markets in Ukraine, Austria and also Poland and Bulgaria.
Press information:
TECHO, a.s. is the leading company providing comprehensive services in the area of supplying commercial interiors in Central and Eastern Europe and is also a major producer of office furniture in the Czech Republic. TECHO offers the most effective solutions for the new office environment while creating an optimal atmosphere for dynamic companies. Its clients include major banks, financial institutions, international companies and government organisations.
The Czech Republic exports to Georgia mainly machinery, means of transport, arms and ammunition. It imports nuts as well as parts and accessories for metalworking machines, ores and extracts of manganese. The volume of mutual trade from January to September of last year was over 520 million crowns. GDP growth in Georgia was 12.4% last year. Unemployment in the third quarter 2007 stood at 14.9% and inflation in March 2008 was 12.3%.
Source: Czech Statistical Office and the Embassy of the Czech Republic in Georgia 28. 4. 2008
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