Latvian birch plywood producer Latvijas Finieris increased turnover and production by 20% and 5% respectively in 2011.
The company said its market share of the European birch plywood market remained stable at about 14%. Production totalled 206,000m³.
It said its investment policy of securing availability of birch wood from across the Baltic region and using the material efficiently would increase plywood production in the future.
“With the transfer of manufacturing experience, not only to Lithuania but also to Estonia, the company will strengthen the Baltic birch plywood producer level, leading to better representation of the Estonian, Latvian and Lithuanian collective interests in the world market,” said Uldis Bikis, company chairman.
The company’s subsidiary in Estonia is planning to invest €17m.
Latvijas Finieris said uncertain developments in the EU banking sector could lead to low purchasing power in its export markets during 2012, but believes overall long-term demand will grow moderately.
During 2011, the company recruited around 100 new employees and now employs more than 2,000 people.
