Luminor has granted 300 thousand euros to the metalworking company SIA HQ CHIPPER PARTS

Luminor bank has granted 300 thousand euros to the fast-growing metalworking company SIA HQ CHIPPER PARTS. The funds were invested for purchase of new equipment, which will significantly accelerate production of specific parts.

“In general, production volumes in the metalworking sector have decreased in the autumn months; however, our cooperation partner SIA HQ CHIPPER PARTS serves as a good example of how a company can maintain active operation and investments in infrastructure through successful specialization also during a crisis, increasing the production capacity. The company sells the produced metal spare parts not only in Latvia, but also in other European countries, for example, Spain, Portugal and Romania. Therefore, we hope that acquisition of the new equipment will facilitate competitiveness of the company not only on the local market, but also on new export markets,” states Ilze Zoltnere, Head of Luminor Corporate Department in Latvia.  

SIA HQ CHIPPER PARTS has spent the granted funding for acquisition of two new machine tool benches necessary for production of specific parts. If previously several separate machines were used for production of these specific parts, both new machines will complete it in one place, thus improving the production capacity and quality. 

“Our cooperation with Luminor bank started already in 2018, when we acquired the company's plant with support of the bank. And in 2019, thanks to support of Luminor, we were able to purchase three new machines that enabled the company to increase its market share rapidly, offering even more extensive range of specialised parts. We plan to continue development of our production processes to become the leading manufacturer of wear-resistant parts in Latvia, at the same time actively marketing our products abroad and looking for new products to offer to consumers,” tells Andris Melbārdis, Member of the Board of SIA HQ CHIPPER PARTS:

SIA HQ CHIPPER PARTS is an innovative company that successfully operates in the metalworking sector since 2010, specialising in production, repair and restoration of wood chipper spare parts. Since establishment of the company, it has extended its operation and can ensure to its customers a full cycle of production, starting from designing to production, delivery and storage of products. Currently, SIA HQ CHIPPER PARTS offers spare parts of the most popular machines, for example, plastic and wood chippers and stone crushers. Solutions implemented by the company are widely used also in road maintenance works.