OP Corporate Bank plc will fund the modernisation of SIA Stiga RM factory and the purchase of equipment for the new fibreboard production unit

[19.10.2022]

OP Corporate Bank plc Latvia branch has concluded agreements with SIA Stiga RM for EUR 6.5 million to fund the purchase of new equipment for the modernisation of the birch plywood factory in Kuldīga and EUR 11.1 million to fund the purchase of equipment for the new fibreboard production unit.

The EUR 6.5 million funding granted by the Bank to the birch plywood factory SIA Stiga RM in Kuldīga will modernise its work, increase productivity, ensure energy efficiency, production of a higher quality product and increase the monthly plywood output from approximately 4500 m3 to 5500 m3. On the other hand, the EUR 11.1 million funding is intended for the purchase of equipment for the company's new production unit, where a new product of SIA Stiga RM will be produced – fibreboard. Both funding agreements are concluded for five years.

Elmārs Prikšāns, General Manager of OP Corporate Bank plc Latvia branch: “Stiga RM is a growing and sustainably minded company that creates high added value products from Latvian wood, producing modern, sustainable, and environmentally friendly products from natural materials. In these challenging times, it is essential to strengthen our economy by continuing to develop and modernise production units that produce high quality products that are globally competitive. We are pleased to be part of the growth and success of Stiga RM by continuing our cooperation with the company.”

“We are pleased with the funding from OP Corporate Bank plc Latvia branch! This, in accordance with our strategy, will allow Stiga RM to create ever higher added value and produce high-demand, export-oriented products, as well as to ensure rapid growth. Stiga RM will continue to invest in the development of innovative and sustainable products,” says Andris Ramoliņš, Member of the Board of Stiga RM.

OP Corporate Bank plc Latvia branch started its operation in 2012, and during this time has gained a significant role in the long-term development of the country and the whole region. The Bank started cooperation with SIA Stiga RM in 2019.

OP Corporate Bank plc is the central bank of OP Financial Group, Finland's leading financial services group. Corporate social responsibility is an integral part of the OP Corporate Bank plc business and strategy, and it involves ESG (Environmental, Social, Governance) or environmental protection, social responsibility, and governance practices, to direct the public towards a sustainable economy.

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