This initiative forms part of the Group’s long-term growth strategy, reinforcing its position in the Nordic region and enhancing its competitiveness in the global market.

Jānis Ciems, Chairman of the Executive Board of AS Latvijas Finieris:

“The expansion of the Sastamala plant represents an important strategic decision, as the availability of wood resources across a broader region enables us to diversify risks, adapt flexibly to dynamic market conditions, and ensure a stable supply of finished products for our customers. In response to increasing competition in Europe for efficient land use, AS Latvijas Finieris plans to process approximately half of the Group’s veneer log volume outside Latvia in the coming years. The project will be carried out with the support of OP Corporate Bank, generating returns that will contribute both to the growth of AS Latvijas Finieris and to the prosperity of Finland, Latvia, and Estonia.”

Planning work has already begun. Construction is scheduled to commence in autumn 2025, with machinery installation planned for autumn 2026. The new production line will be operational in early 2027.