"Nordea" issues additional LVL 7.9 million funding to "Swedwood Latvia"
"Nordea Bank Finland Plc^apostrofs;s" (Nordea) branch in Latvia has allotted SEK 115 million (LVL 7.9 million) funding for the wood processing company "Swedwood Latvia Ltd.", Kristians Pudans, the head of the branch^apostrofs;s marketing and public relations department, told LETA.
"Nordea Bank Finland Plc's" (Nordea) branch in Latvia has allotted SEK 115 million (LVL 7.9 million) funding for the wood processing company "Swedwood Latvia Ltd.", Kristians Pudans, the head of the branch's marketing and public relations department, told LETA.
The company plans on utilizing the loan to build a new sawmill and refinance its previous investments in expanding both the existing sawmill and the furniture factory. The total "Nordea" loan for "Swedwood Latvia" is SEK 184 million (LVL 12.6 million).
"Swedwood Latvia" plans on investing about half of the money into construction of the new sawmill. The rest of the loan will cover buying and restoration of materials and equipment, and installing a fire safety system. The sawmill's technical equipment has been ordered in Sweden and will be installed this spring, it will raise the Incukalns sawmill's capacity considerably.
"Swedwood Latvia" is one of Latvia's biggest wood processing enterprises. It was founded in 1995, and is a member of the furniture maker/wood processing group "IKEA".
According to "Swedwood Latvia" Director Johan Padel, adequate quality and quantity of materials and furniture components must be provided as the "IKEA" sales and expansion in the world grows. "Swedwood Latvia" has three plants.
Investments in the wood processing company mean bigger volume of output and new jobs, stressed Padel.
Dace Karklina LETA
Copyright © LETA
The company plans on utilizing the loan to build a new sawmill and refinance its previous investments in expanding both the existing sawmill and the furniture factory. The total "Nordea" loan for "Swedwood Latvia" is SEK 184 million (LVL 12.6 million).
"Swedwood Latvia" plans on investing about half of the money into construction of the new sawmill. The rest of the loan will cover buying and restoration of materials and equipment, and installing a fire safety system. The sawmill's technical equipment has been ordered in Sweden and will be installed this spring, it will raise the Incukalns sawmill's capacity considerably.
"Swedwood Latvia" is one of Latvia's biggest wood processing enterprises. It was founded in 1995, and is a member of the furniture maker/wood processing group "IKEA".
According to "Swedwood Latvia" Director Johan Padel, adequate quality and quantity of materials and furniture components must be provided as the "IKEA" sales and expansion in the world grows. "Swedwood Latvia" has three plants.
Investments in the wood processing company mean bigger volume of output and new jobs, stressed Padel.
Dace Karklina LETA
Copyright © LETA
