In 2015 Latvijas Finieris Group reached a turnover of Euro 196.5 million. Although the increase is only 1% against the previous year, it was secured by selling higher value products, which in turn is the result of investments made in previous years. Export turnover managed to grow faster - by around 3%, exceeding Euro 155 million, as the company said in the press release received by Lesprom Network.
Uldis Bikis, Chairman of the Supervisory Board at Latvijas Finieris said: "One of the conditions for sustainable operations is competitive salary. Already in 2011 Latvijas Finieris defined in the Personnel Policy the need for a substantial increase in wages annually by an average of 6-9% until 2020. Compensation, as seen from the perspective of an employee, takes into account the purchasing power index when comparing to the salary in the Northern region (Sweden, Finland). For the company itself, rise in salary means a simultaneous growth in productivity, including implementation of an ambitious investment program over several years.”
During three years Latvijas Finieris manufacturing companies in the Baltic countries have raised pay levels by 5% per year on average, which is roughly the same as the average salary rise in Latvia as a country.
In 2015 Latvijas Finieris Group invested Euro 42.3 million in development and is planning to invest even more in the coming years to implement the already mentioned multi-annual program for development – rapid growth in products and automation, regional development in the Baltic Sea Region.
Latvijas Finieris is one of the largest birch plywood producing companies in the world with production in all Baltic countries and in Finland.