Luminor has granted almost 500 thousand euros to SIA Torgy Baltic

15.11.2022

Luminor Bank has supported the metalworking company SIA Torgy Baltic with 491 thousand euros to ensure efficient production processes and the ability to purchase new equipment. The loan is intended for the purchase of new laser cutting equipment.

The company manufactures metal structures and components. SIA Torgy Baltic has been operating in Latvia for 17 years and manufactures metal products for oil and gas infrastructure according to the orders of its parent company Torgy Mek. Industri AS (Norway) and sister company Torgy Atlantic Ltd (UK).

“Most of our products are exported to the group’s customers, oil and gas exploration and production companies, as well as to companies supplying materials and solutions to the industry worldwide. At the same time, we are developing our metalworking services in the local market and this year we have received and fulfilled several orders from companies in Latvia. Given that some of the equipment we have has been in use for around 15 years and has reached the end of its useful life, the loan from Luminor will help us to purchase new laser cutting equipment to support our future operations. Thanks to this opportunity, the company will have a top-quality BySmart Fiber 3015 from the Swiss company Bystronic. It will provide extremely precise processing of metal materials, and with its 10 KW laser it can cut metal sheets up to 30 mm thick and weighing up to one tonne," says Akops Aleksanjans, Head of SIA Torgy Baltic.

The company has state-of-the-art production equipment, an IT infrastructure tailored to its needs, and rents extensive production, warehouse, and office space. The annually renewed ISO 9001 international quality certificate confirms that the company ensures high quality standards in management, production processes, and products.

“Torgy Baltic’s revenues are influenced by orders from affiliated companies, which depend to a large extent on the willingness and ability of companies in the oil and gas industry to invest in the construction and improvement of new or existing infrastructure facilities. As part of the Torgy Group, the company has become recognised by its customers as a professional and responsible manufacturer of quality products, and we hope that the bank’s financing will help the company to achieve its strategic goals and continue its growth," says Ilze Zoltnere, Head of Corporate Banking at Luminor in Latvia.

The services and products provided by SIA Torgy Baltic are specific, so the risk of competition in the local market is not significant.

About SIA Torgy Baltic
Torgy Baltic is part of the Torgy Group, which was founded in 1954 in Norway and serves the global gas and oil refining industry. Torgy’s production facilities are ISO 9001 compliant and located in Norway, the UK, India, and in Latvia, the Jelgava region of Ozolnieki. The company employs around 50 skilled staff and has a strong engineering department capable of offering quality engineering services. Over the years, the company has been able to ensure consistent production quality, while demonstrating stability, business development, and a secure workplace for its employees.

About Luminor
Luminor is the leading independent bank in the Baltics and the third-largest provider of financial services in our region. We serve the financial needs of individuals, families, and companies. Like the Estonian, Latvian, and Lithuanian markets, we are young, dynamic, and forward-looking.