One of Latvia's leading wood-processing companies, “Stiga RM”, has successfully concluded the modernisation project at its birch plywood plant in Kuldīga. The state also made a significant contribution to its implementation, providing 5.145 million euros in funding under the ALTUM support programme for large investment projects. Total investment over two years reached 22.4 million euros. Demand for high-quality birch plywood on the European and global markets continues to grow, and the expansion and modernisation of the “Stiga RM” production facility substantially strengthens the company's position as one of the region's leading manufacturers.
The project began in early 2023 and has resulted in a substantial improvement in birch plywood production efficiency, the introduction of new equipment and technological processes, and higher product quality, which is driving a considerable increase in exports. At the same time, the project has made it possible to create 38 new jobs for highly qualified specialists, reinforcing the company's position in both Latvia and foreign markets.
“Thanks to this modernisation project, we reached the Kuldīga plant's maximum production volume as early as December last year, significantly broadening our product range and introducing sustainable solutions in the wood-processing process. We also succeeded in raising the added value of the products we manufacture, considerably increasing the share of laminated plywood. We value state support particularly highly – under the ALTUM programme we had the opportunity to carry out the project in full straight away, and this became an important springboard for our next investment steps. A great deal of work has been done, but new heights already lie ahead,” emphasises Andris Ramoliņš, Chairman of the Board of “Stiga RM”.
The development finance institution ALTUM played a key role in securing the funding, assessing the project's importance to the national economy and the company's development potential in cooperation with the Investment and Development Agency of Latvia (LIAA). A total of 5.145 million euros was granted for the project's implementation from the “Large investment loan with a capital rebate” programme. “Stiga RM” is currently preparing all the necessary documentation in line with the terms of the contract in order to begin the assessment of compliance with the loan conditions, which could potentially allow the loan received to be written off in full.
Having successfully completed this stage of development, “Stiga RM” is preparing to begin its next growth cycle, focusing on exports, innovation and the manufacture of high value-added products.