Luminor has granted to Jelgava Printing House a financing of 5 million euros

Luminor Bank has granted a financing of 5 million euros for development of Jelgava Printing House. The greater part of the sum or 3 million euros have been used to build a new production building, and 2 more million euros have been granted in cooperation with guarantees issued by Altum for purchase of equipment.

Jelgava Printing House is one of the most advanced printing companies in Latvia specialising in production of books, diaries, and calendars. The Printing House exports approximately 60 % of its products. The company has introduced many energy effective and good governance principles in its operation, and in the beginning of 2021 completed the work on the idea that had been cherished for ten years: a new plant with the area of 5,200 square meters with a sustainable and effective production process. 

New equipment has been purchased and installed for this plant of the company, including colour printing press and several smaller facilities such as a gathering machine in combination with a stitcher.

“It is very satisfying to be present, and to give a small contribution towards continuous development of existing companies. Similar to many other companies, Jelgava Printing House has met difficulties during pandemic; for that reason, it is a special joy to see that the company has been able to optimise its business, and the new production building and equipment will help them become more effective and competitive in export markets,” said Ilze Zoltnere, Head of Corporate Department at Luminor.

“We are thankful to our cooperation partners in taking this major step. We ended up in a very interesting time since we began to build our production building some months before pandemic spread. And now, when many logistics chains across the world have dissipated due to pandemic and the volume of orders from European, including Latvian, publishers has increased, we have more spacious premises for production, a new printing press, and some other new machines. A bonus is also our additional warehousing areas for storage of paper and materials necessary for production,” explained Māris Matrevics, Chairman of the Board at LLC Jelgava Printing House.  

“We are delighted to support the development of one of the leaders in the printing industry of Latvia by implementing a project which will assist with gaining an additional market share and secure the leading position in the industry. Companies in general become more active in using ALTUM guarantees, and it helps with receiving the necessary volume of financing from banks and on more favourable conditions, and the bank receives a sense of security when investing in development projects of companies,” stated Inese Zīle, Member of the Board at ALTUM.