Russian boatbuilder Composite Shipbuilding LLC has unveiled plans to invest some RUB 1.5bn (US$25m) on a new shipyard and expand its output capacity in Primorsky Krai in Russia’s Far East.

The investment is to be launched this year, and by 2021, Composite Shipbuilding aims to build some 120 craft at its new yard, including catamarans and other vessels, according to company representatives. The latest project was unveiled by the press service of the Primorsky Krai.

Composite Shipbuilding currently operates a shipyard in Vladivostok. The production facility is located within the free port of Vladivostok zone, which gives the firm preferential tax treatment.

Established in 2000 by local businessman Dmitry Voloshenko, chairman of the company’s board, Composite Shipbuilding specialises in making boats, yachts and catamarans. The company also provides repair and maintenance services to various customers, according to data from Composite Shipbuilding.

The boatbuilder says it uses vacuum infusion, prepregs and high temperature post-cure as its main manufacturing technologies.