Expanding its operations in the production of high value-added products, one of Latvia’s leading timber companies, “Stiga RM”, has begun construction of a new acoustic wood panel factory in the Tukums region. Today, 16 June, in the presence of Minister for Economics Ilze Indriksone, Minister for Agriculture Didzis Šmits, Chairman of the Tukums Regional Council Gundars Važa, and the “Stiga RM” management team, a time capsule was laid in the foundations of the future production building.

“Today we are not only celebrating the start of a new construction phase, but marking a significant step in the development of Latvia’s high-value industry. By 2026, the factory will be operational, ensuring the production of high-quality, modern, sustainable and eco-friendly wood products for domestic and export markets. This will be a place for creating value and realising bold ideas – a modern and high-capacity wood wool acoustic panel factory,” emphasised “Stiga RM” owner Andris Ramoliņš.

Investments in the project will exceed 30 million euros, of which “Stiga RM” will cover nearly half from its own funds; an 11.1 million loan has been provided by OP Corporate Bank, while 4.5 million euros is state co-financing granted by ALTUM.

“Every new business project is a testament to our entrepreneurs' ambitions to boost investment in the Latvian economy. To motivate businesses to carry out knowledge-intensive projects and create high value-added products in Latvia, the Ministry of Economics has developed a new support programme for large investment projects. It is pleasing to see that entrepreneurs are using this support to invest in new product development and the implementation of technological processes, to cooperate with local small businesses and to create new jobs. This is important for the further development of our economy,” said Minister for Economics Ilze Indriksone.

The project will result in the construction of a production building spanning nearly 15,000 square metres with associated infrastructure, creating more than 100 new, well-paid jobs.

“I am pleased that we continue to add value to our most precious natural resource – timber. The start of construction on a new wood wool acoustic panel factory will be an important step in the further development of the Latvian timber industry and, no less importantly, will continue to introduce the latest technological solutions based on ensuring environmental sustainability. Moreover, such companies not only foster the development of Latvia’s economy but also help ensure prosperity and jobs for our residents. I wish success in the factory's construction progress and a swift start to production!” added Minister for Agriculture Didzis Šmits.

“We, the Tukums Regional Council, are very happy and proud of every entrepreneur operating in our region. “Stiga RM” owner Andris Ramoliņš has dreamed of this project for several years, and today dreams are becoming reality. The opening of this factory will provide our residents with the opportunity to work in modern and highly automated conditions. Furthermore, the fact that our entrepreneurs can compete with those in neighbouring countries proves the high ambitions of this project and of “Stiga RM” specifically. We wish them success in their future work and projects,” wished Chairman of the Tukums Regional Council Gundars Važa.

The factory will produce wood wool acoustic panels (WWCB, wood wool cement board), which is a human and eco-friendly material, CO2 neutral and made from natural materials – wood wool and cement. It possesses a range of functional properties, such as sustainability, high-quality sound and thermal insulation, fire resistance, suitability for various finishing and design solutions, and natural durability. Thanks to the benefits of the material, it is widely used throughout the world, which is why more than 90% of the production is planned to be exported to countries in Scandinavia, Europe, the Middle East, as well as North America.