Latvia: Pindstrup Group opens modern wood fibre plant

Latvian producer of growing media, SIA “Pindstrup Latvia” of the Pindstrup Group, opened a new wood fibre plant near Riga, Latvia, for the production of Forest Gold – a new component for growing media – for professional growers. The Finance Minister of Latvia, Dana Reizniece-Ozola, cut the ribbon to mark the opening.

The total investment in the plant reached EUR 5 million, of which EUR 1.2 million are from the Investment and Development Agency of Latvia (LIAA), while the rest was financed by the company. This investment will make it possible to significantly increase the production volume and exports while also increasing the number of employees at the company by 25 persons.

"Today I am very pleased to take part in the opening of the new fibre plant of SIA 'Pindstrup Latvia'. It is not just a new plus sign for Latvia’s export balance. It is more than plain tax revenue, more than new added value to wood chips, more than environment-friendly production in Latvia. I would like to emphasize that it means new well-paid jobs,” said the Minister of Finance Dana Reizniece-Ozola during the opening.

Simon Søe, CEO of “Pindstrup Latvia”, expressed his satisfaction with what has been achieved: “The new wood fibre plant is a very important project for the entire Pindstrup Group. It took more than three years to complete the plant, and we are very proud of what has been accomplished. There is nothing like this plant in the Baltics, and it will allow Pindstrup to expand the production of growing media by 30%.”

As part of the opening event, a speed-chess game was set up to illustrate the strategic thinking and tactical manoeuvres that lie behind the decision to invest in a state-of-the-art plant to produce innovative growing media that can help growers optimize their plant production. The Finance Minister of Latvia, Dana Reizniece-Ozola, also a chess Woman Grandmaster, was keen to play the Pindstrup CFO, Tomas Guldberg Hansen, also a skilled chess player, at the opening.

For more information:
Pindstrup Group
www.pindstrup.com

Publication date: Thu 22 Sep 2016