Latvijas Finieris to invest EUR 67 million in increasing production capacity of plywood maker Verems

• Published date: 19 July 2022
• Publication title: LETA

RIGA, July 19 (LETA) - Joint-stock plywood producer Latvijas Finieris is planning to invest more than EUR 67 million in increasing production capacity of its subsidiary Verems operating in Rezekne Special Economic Zone, as Latvijas Finieris public relations manager Pauls Bekeris told LETA.

The mill's existing birch plywood production capacity will be doubled, high added value products will be developed and approximately 70 workplaces will be created. "The expected amount of investment exceeds EUR 67 million and is considered to be the largest investment of private capital in the Latgale region in recent years," said Bekeris.

The project will be implemented by the end of 2024.

To increase the production capacity of Verems to 80,000 cubic meters of birch plywood per year, part of the necessary wood resources will be supplied as peeled veneers from the Latvijas Finieris Group's mill in Lithuania.

Verems Supervisory Board Chairman Janis Staris emphasizes that the project is an important signal for every landowner in the Latgale region - demand for birch logs and stable long-term relations are guaranteed.

In addition to the existing range of birch plywood products, which is known worldwide under the Riga Wood brand, after the implementation of the project, Verems will also start producing plywood in a new, six-feet format. It will be particularly suitable for the van segment of the automotive industry, which is currently developing rapidly. "Small vans are easier to adapt to work with electric motors, so they are especially suitable for urban environment. By supplying environmentally friendly plywood parts, we create a complex view of solving sustainability issues together with our customers," explains Staris.

The project includes a significant expansion of the production premises of 16,500 square meters...