Jan 28, 2009. /Lesprom.com/. Production at the Rigas finieru rupnica (Riga Veneer Manufacturer, RVM) has been suspended, as the newspaper Biznes&Baltija reports. Furthermore, if the owner of the company, Switzerland's Holbe AG, does not manage to sell it to another investor, the enterprise could be liquidated. Holbe AG also manages a woodworking plant in Germany, in the vicinity of Hamburg. "Due to the global financial crisis, Holbe AG has decided to sell RVM and to focus more on the enterprise in Germany, which is also facing difficulties. As of January 2009, we have suspended production at the factory in Riga," said RVM's Board member Ilze Kozulina. 80 persons have been made redundant since the beginning of this year, another 100 people lost their jobs last year, as a result of reorganization of the company. "Currently, we are selling the remaining stock from the warehouse. However, all the production equipment is in readiness to be put into operation and in case of necessity, staff could return to the factory," the entrepreneur underlined. As Kozulina explains, RVM still has time to find a new investor until April or May; in the opposite case, the enterprise will have to be liquidated and the technical equipment will have to be sold. Biznes&Baltija also reports that approximately 95% of RVM production are being exported to European Union countries, the resting 5% are sold in the local market. In the course of the few last years, demand for plywood for furniture production has significantly reduced.