Latvijas finieris plans EUR 300 million wood processing plant in Latgale

Government officials have said that a new wood-processing plant could be built in Latgale with investments reaching EUR 300 million. The prime minister, speaking before Valainis, said that Latvijas finieris was planning to build a production facility in the region, but did not disclose the investment amount.

Valainis later said that a local company plans to invest EUR 300 million in the construction of a wood industry plant in Latgale. Asked to identify the company, he declined after consulting with LIAA director Ieva Jēgere. He stressed that such investment requires suitable infrastructure and better goods mobility. He expressed hope that the first construction phase could begin this year.

Representatives of Latvian Railways reportedly said during the meeting that a solution would be prepared within two weeks to provide the investor with the necessary railway access and competitive tariffs. Valainis said this could also help develop domestic rail freight. The prime minister added that the railway solution might be offered to other companies besides Latvijas finieris.

According to LETA, the Latvijas finieris group's turnover last year was EUR 413.846 million, up 1.2% from 2024, while profit fell 9.1% to EUR 51.908 million. The group's leading company, Latvijas finieris, posted turnover of EUR 419.641 million, up 3.6% year-on-year, while profit dropped 0.9% to EUR 47.63 million. The company was registered in 1992, has share capital of EUR 137,408,333 and produces birch plywood.

In Latvia, Latvijas finieris owns 100% of Verems, Latvijas finieris mežs and Riga Wood Baltic, 99.67% of Ludzas mežrūpniecības saimniecība, as well as 50% of Troja and SELF loģistika.