Baltic Export, EU – Baltic States, Good for Business, Latvia, Markets and Companies, Mergers and take-overs

Latvijas Finieris hopes to revamp the facility in Sastamala according to the company's requirements, and launch production of "Riga" plywood there this year already.

"The amount of the deal will not be revealed at this time," said Medne.

The new acquisition would increase Latvijas Finieris total output 9%, as well as open up new opportunities for shipping plywood to clients in Central and Northern Europe, commented Latvijas Finieris CEO Janis Ciems.

Latvijas Finieris turnover last year was EUR 187.378 million, up from EUR 179.290 million in 2012.

The company posted EUR 11.107 million in profit in 2013, compared to a profit of EUR 9.721 million the year before. The company employs 2,300 people in total.

Latvijas Finieris produces and sells birch plywood, it is also involved in forestry, production of synthetic resins, sale of wooden boards, and others.

More than 90% of plywood by Latvijas Finieris is exported and marketed in over sixty countries, most of it in Germany, Great Britain, France, Finland, Turkey and Italy.