Latvijas finieris weighs building wood panel factory in Latgale
Latvian wood processing company Latvijas finieris is evaluating construction of a new wood panel plant in Latgale with planned investment of €300 million. A final decision depends on state and EU support.
Latvijas finieris is currently considering whether to build a new wood panel factory in the Latgale region. The company says a final decision will be made after assessing several criteria, the most important being potential state and European Union support to speed up implementation of the capital-intensive project.
If realised, the project could generate economic benefits equal to up to 0.5% of Latvia's GDP and cut the country's greenhouse gas emissions by about 6%. The company says the new plant would contribute significantly to the regional economy and to national sustainability. Projects of this scale could also promote the development of related industries, improve the well-being of people living near the border, and thus strengthen national security.
Earlier reports said that after a meeting of the Coordination Council for Large and Strategically Important Investment Projects, Prime Minister Andris Kulbergs (AS) and Economics Minister Viktors Valainis (ZZS) spoke to journalists about the company's plans. Kulbergs, who spoke before Valainis, confirmed that Latvijas finieris wanted to build a plant in Latgale but did not disclose the amount. Valainis then said a local company planned to invest €300 million in a wood industry factory in the region. The minister stressed that infrastructure and better goods mobility would be needed for such an investment to happen.
Latvijas finieris' group turnover last year was €413.846 million, up 1.2% from 2024, while profit fell 9.1% to €51.908 million. The group's leading company, Latvijas finieris, posted turnover of €419.641 million, up 3.6% year-on-year, and profit of €47.63 million, down 0.9%.
Latvijas finieris was registered in 1992 and has share capital of €137,408,333. Its main activity is birch plywood production. In Latvia, the company owns 100% of Verems, SIA Latvijas finieris mežs and AS Riga Wood Baltic, 99.67% of AS Ludzas mežrūpniecības saimniecība, and 50% stakes in SIA Troja and SIA SELF loģistika.
