OP Corporate Bank plc co-finances the modernization of Stiga RM factory in Kuldīga
One of the leading Latvian wood processing companies, Stiga RM, has completed the modernization of its birch plywood factory in Kuldīga. Over two years, the total investment in the project reached €22.4 million, of which €6.5 million was a loan from OP Corporate Bank plc’s Latvian branch for new equipment and technological upgrades.
This was also the first project where the bank collaborated with Altum under a tripartite agreement. Altum provided a €5.145 million loan through the “Large Investment Loan with Capital Discount” program.
As a result of the modernization, the efficiency of birch plywood production has significantly improved, modern technologies have been introduced, and the added value of the products has increased. The factory has created 38 new jobs, strengthening both the regional economy and the company’s competitiveness in the international market.
“The Stiga RM modernization project is a great example of how targeted investments in technology and sustainability can drive regional growth, export capacity, and job creation. We are pleased to be part of this project and continue our cooperation with the client in the next steps,” said Elmārs Prikšāns, General Manager of OP Corporate Bank plc Latvian branch.
“Thanks to this modernization project, we reached the maximum production capacity of the Kuldīga factory already in December last year, significantly expanding our product range and introducing sustainable solutions in the wood processing. We also managed to increase the added value of our products by significantly raising the share of laminated plywood. Projects like this are not possible without partners who not only provide financing but also understand the specifics of the industry and the company’s development vision – OP Corporate Bank was exactly such a partner. Thank you for the professional and growth-oriented cooperation,” emphasized Andris Ramoliņš, Chairman of the Board of Stiga RM.
OP Bank is also currently co-financing the next stage of Stiga RM’s development – the construction of a new factory in Tukums, which is being implemented with a similar cooperation model together with Altum. The project is expected to be completed by the end of 2025.
About SIA Stiga RM
Stiga RM is a family-owned company from Tukums, founded in 1994 with the aim of caring for the well-being of Latvia by responsibly managing forest areas. With more than 11,000 hectares of land in its possession, most of which is forest land, the company carries out the full cycle of sustainable forest management. Every year, Stiga RM grows more than 400 hectares of new forest and carries out young forest care on 700 hectares of land. The company's plant in Kuldiga produces birch plywood from high-quality Latvian birch wood. Meanwhile, the world's most modern wood acoustic panel (WWCB) production factory is currently being built in Tukums. The company also offers roundwood transportation services, providing the largest fleet of timber transport vehicles in the Baltic and Scandinavian countries.
About OP Corporate Bank plcs Latvian branch
OP Corporate Bank plc is the central bank of OP Financial Group, Finland's largest financial services provider. It began operations in Latvia in 2012 and is currently one of the leading banks in the country in terms of loan volume issued to medium and large enterprises. The bank provides financial services to leading companies in Latvia and play an important role in the long-term development of the country and the entire region.