On 24 April 2026, one of the largest investment projects in Latvia was opened in Vērēmi parish, Rēzekne municipality – the expansion of the existing factory of “VEREMS” RSEZ SIA, a company of AS “Latvijas Finieris”. With an investment of 100 million euros, additional premises have been built to house new production equipment, thereby ensuring more efficient use of wood resources, higher productivity and broader opportunities for developing innovative plywood products.

This is the largest investment in the creation of a single production plant in Latgale, as well as a significant development project in the history of AS “Latvijas Finieris”. The expansion of “VEREMS” matters to the entire national economy, as it will generate additional exports of more than 30 million euros a year, creating innovative bioeconomy products. The factory is an example of sustainable construction using natural timber – it is the largest industrial building in the Baltics in which wooden structures have been used on such a scale.

Jānis Ciems, Chairman of the Board of AS “Latvijas Finieris”:
“The development of “Latvijas Finieris” has always been based on long-term investment in production, technology and infrastructure. In recent years, one of the most ambitious investment programmes in the group’s history has been implemented – 400 million euros, covering both large industrial projects and many smaller improvements to production processes. This approach allows the company to maintain steady growth while adapting flexibly to the demands of international markets. Alongside a gradual increase in output, the expansion of the “VEREMS” factory will also have a considerable effect on market dynamics – by specialising in the production of large-format plywood, “VEREMS” will create additional demand and new opportunities in higher value-added product segments.”

Armands Krauze, Minister of Agriculture:
“This project is proof that the Latvian forest sector is able not only to compete successfully in international markets, but also to develop purposefully through skilful investment in modern technology and sustainable solutions. With this investment, “Latvijas Finieris” sets an example for the whole sector of how high value-added products can be created from local raw material, strengthening both export capacity and the national economy as a whole. It is particularly significant that a development project on this scale is being carried out in the Latgale region. It means new jobs and an additional impetus for the development of Latgale. Strengthening the regions is one of our priority tasks, and projects like this put it into practice. At the same time, the sustainability aspect must also be emphasised – more efficient use of wood and its application in construction show that we can manage our resources wisely and responsibly, with future generations in mind. Latvia’s forestry and wood processing sector is a source of national pride, and development projects such as this strengthen its future.”

Work on preparing the factory expansion project began back in 2017, while construction started in September 2022. The new building has an area of 19,964 m², bringing the total area of the factory to 49,228 m². The design work was carried out by SIA “8 A.M.”, the construction by SIA “Castor Construction”, and construction supervision was provided by SIA “Jurēvičs un partneri”.

The new production building also contains two specially built office blocks – one indoors, housing an office, a laboratory and rest rooms, and the other outdoors next to the finished-product canopy. It is worth noting that the company’s own birch plywood has also been used in the new premises. The office, laboratory and rest rooms have plywood furniture. Plywood road signs and directional signs have also been installed in the factory and on its grounds. Plywood has likewise found use as an auxiliary material in concrete formwork and elsewhere.

Zinaīda Lovnika, Chair of the Board of “VEREMS” RSEZ SIA:
“The expansion of the factory is not only a significant step in the company’s development, but also a substantial contribution to the growth of the region. As a result of the project, we have created around 90 new jobs, strengthening employment and economic activity in Latgale. It matters to us that the company’s development not only increases industrial capacity, but also delivers socio-economic benefits to the local community – to people, families and the community as a whole – thereby building a solid foundation for the development of Latgale and for future opportunities.”

The new “VEREMS” production plant is equipped with innovative technology. As the group’s centre of technical competence, the Equipment Factory of “Latvijas Finieris” was involved in the expansion project from the very first days.

“The main supplier of process equipment was “Raute Corporation”, but the Equipment Factory became involved with its own solutions as soon as the first deliveries arrived, so that the newly installed equipment lines would be able to operate as one with the other lines. The experience gained in the expansion project of the “Kohila Vineer” factory was a strong argument for entrusting the installation work in the “VEREMS” expansion project to the professional team of the Equipment Factory as well. Alongside manufacturing smaller assemblies and installing the new lines, the Equipment Factory also demonstrated its expertise in creating a unique plywood filling line. Our specialists themselves designed, manufactured, delivered and installed the processing line for large-format plywood sheets. It should be emphasised that the line is currently intended for manual filling of plywood sheets, but with the groundwork already laid so that, once a solution for automatic filling has been approved, the line will be fitted with an automation unit, thereby converting it with minor modifications for automatic sheet processing,” says Māris Bumbieris, Director of the Equipment Factory.

Other facts:

·        “VEREMS” RSEZ SIA was founded on 12 January 1996 (as SIA “J.S.F.”)

·        A company of the AS “Latvijas Finieris” group since 1999

·        Location: Rēzekne municipality, Rēzekne Special Economic Zone

·        The eighth largest company in Latgale (according to “Dienas Bizness” “TOP 500” data)

·        Number of employees: 440

·        Average gross wage: EUR 1,800/month (>30% above the average wage in the Latgale region)

·        Turnover (up to 2025): 50 million euros (mainly exports)

· Value added (up to 2025): 20 million euros:

- including 10 million euros in earned capital (EBITDA)

- including 10 million euros in staff wages and taxes

·        Total area: 49,228 m²

·        Volume of wooden structures used: 2,700 m³

·        The largest industrial building in the Baltics in which wooden structures have been used.

·        Previous plywood production output: 45,000 m³

Planned total production capacity after the opening of the new plant: 85,000 m³