Latvijas Finieris invests Euro 200 million in its mills in Lithuania and Finland

Market: Plywood
Posted July 12, 2018
In 2017, Latvijas Finieris Group invested Euro 21 million into the development of products and production processes as well as increasing work productivity and quality, while this year a Euro 200 million investment programme for 2018 - 2023 is being finalized.

Within its framework, three important projects are implemented to develop birch processing capacity in Kurzeme, the Lithuanian mill Likmere and the Finnish mill Sastamala; investments are also planned into expansion of birch plywood product range and growth of production volumes within the Group. Regional development and stabilization of resource availability allows to look positively into the future, estimating turnover growth of up to 10% in 2018.

In order to promote further development of Latvijas Finieris, a decision was made during a meeting of shareholders to increase the share capital of the company from Euro 45.5 million to Euro 86.5 million.

Considering changes in the Commercial Code that facilitate granting of shares to employees, the shareholders of Latvijas Finieris have also decided to issue employee shares and employee options in a total amount of Euro 10 million.

Thereby it is planned to involve approximately 250 business unit heads and specialists in the shareholder structure of the company during the next three years, thus promoting their attraction to the company and motivating them to participate in the achievement of the long-term targets of the company and the implementation of its strategy.

Latvijas Finieris is one of the largest birch plywood producing companies in the world with production in all Baltic countries and in Finland.



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