OP Corporate Bank plc has financed the purchase of equipment for birch plywood production for Stiga RM
With the financing of 18.2 million euros granted by OP Corporate Bank plc Latvian branch, SIA Stiga RM will equip its upcoming wood processing plant in Ogre with equipment for the production of engineered veneer - birch plywood. The financing will be directed towards equipping the first stage of the production plant.
The new, technologically advanced wood processing plant will be located in the former sawmill "Norupe" and its new equipment will allow the company to produce high-quality wood products, thereby strengthening both the company's position in Latvia's export market for goods and the wood processing industry as a whole.
"Stiga RM is a rapidly growing company that has increased its turnover by approximately four times in recent years and is an active participant in the export market. We are truly pleased to be together with the company in its relentless drive towards development, investing in new and competitive technologies. Furthermore, these investments are also a significant contribution to strengthening Latvia's wood processing and export industries, as the wood processing accounts for approximately one-fifth of all Latvian goods exports,” says Elmārs Prikšāns, General Manager of OP Corporate Bank plc Latvian branch.
In May 2024, with co-financing from OP Corporate Bank plc, SIA Stiga RM acquired the sawmill "Norupe" in Ogre, which, after reconstruction, will become the third wood processing plant of the company.
"We highly value our long-standing cooperation with OP Corporate Bank plc Latvia branch and are grateful for the support of our partners in jointly creating a sustainable future for Latvia's wood processing industry. The allocated financing will help us implement ambitious plans and significantly expand our production capacity. The new plant in Ogre will not only be a significant step in the development of Latvia's wood processing industry but will also create new jobs and strengthen the regional economy. We are confident that this project will make a significant contribution to the growth of the Latvian economy," emphasizes Andris Ramoliņš, Owner and Chairman of the Board of Stiga RM.
The construction and equipping of the new wood processing plant, with a total cost of 86 million euros, is planned to be carried out in two stages by the end of 2028.
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 plc's Latvian branch
OP Corporate Bank plc is the central bank of OP Financial Group, Finland's largest financial services provider. We started our operations in Latvia in 2012, and we are currently the fifth largest bank in Latvia in terms of the volume of corporate loans issued. We provide financial services to leading companies in Latvia and play an important role in the long-term development of the country and the entire region.