Luminor bank has granted a loan in the amount of 600 thousand euro to Latautoavia group, which in cooperation with the Finnish enterprise Conductio OY and Slovenian firm “TopSeed” d.o.o. is developing mountain infrastructure for 2022 Beijing Olympics. The financing will be used to purchase real estate that is necessary to ensure the continuity and efficient operation of UPProperties, a group company.
Latautoavia group company UPProperties will use the support received from Luminor bank to purchase real estate, where mountain infrastructure elements and other components production unit has been created, along with machinery repair zone and equipment used to provide aircraft anti‑icing or de‑icing services. The new premises close to the airport will allow to reach it within a couple of minutes facilitating maintenance and service of aircraft and the territory. In summer on the other hand the company will continue producing ski jumping materials for other customers.
“Regardless of difficult times we are pleased to support a unique and interesting line of business, in which Latautoavia is operates. Even though the main business of the company is related to the aviation industry, which has been hit hardest by the pandemic and the number of flights at Riga Airport has dropped by more than a half, we see that specialization in various industries has enabled Latautoavia to increase its turnover and launch operation in new markets with a diverse and unique offer. We hope that the new manufacturing premises will help the company to continue expanding the range of its services and products, and innovations provided by it will carry the name of Latvia into the world,” tells Ilze Zoltnere, Head of Corporate Department at Luminor in Latvia.
Latautoavia company is specializing in several lines of business. In autumn and winter it provides maintenance services of parking lots and roads in the territory of the airport, and takes care of technical condition of aircraft, for example performs aircraft anti‑icing and de‑icing, refills aircraft with oxygen, nitrogen and fuel. In summer Latautoavia produces various industrial cleaning brushes and their elements designed to withstand changing weather conditions in different climate zones.
“The opportunity to purchase our own production and warehouse premises was one of the goals of our company and we have achieved it with support from Luminor bank. During the pandemic as the air transport activity and the volume of services related to the aviation industry has been dropping, we have been able to continue working actively on developing and differentiating the range of our products and services. Development of polypropylene elements for ski jumping has enabled our team to work also on production of mountain raw materials for 2022 Beijing Olympics. We are proud of being able to represent Latvia with innovative and high quality products. We hope that the experience we have acquired will be useful in the future as the popularity of ski jumping grows, which could boost demand for production of various trampolines and their installation to practice this sport throughout the year,” tells Nikolajs Dmitrijevs, a board member of Latautoavia and UPProperties.
