With the financing of Euro 18.2 million granted by the Latvian branch of OP Corporate Bank plc, SIA Stiga RM will equip its birch plywood production facility in Ogre, Latvia. The financing will be directed to the first stage of equipping the factory. The construction and equipment of the new factory, where the total costs will reach Euro 86 million, is planned to be implemented in two stages by the end of 2028.
The new, technologically advanced woodworking factory will be located on the site of the former sawmill Norupe, and its new equipment will allow the company to produce high-quality wood products, thus strengthening both the company’s positions in the Latvian export market and the woodworking industry as a whole.
In May 2024, with co-financing from OP Corporate Bank plc, SIA Stiga RM acquired the Ogre sawmill Norupe, which, after reconstruction, will become the third woodworking factory of SIA Stiga RM in Latvia.
Stiga RM is one of Latvia’s leading timber companies.
