Posts Tagged ‘Invest in Latvia’
“Fazer Latvija”: 18 million investment, the most modern bakery in the Baltics, and ambitions for further growth
Fazer Latvija is part of the international “Fazer” Group, founded in 1891 in Finland. The concern specializes in the production of bread, sweets, and other cereal and plant-based products. Over the years, Fazer has expanded its operations to eight countries, including Latvia, and now exports its products to roughly 40 world markets. Fazer Latvija is one of the largest bakeries in the country: the Ogre factory supplies bread and other products not only to Latvia, but also to Estonia, Lithuania, and Finland. The group’s trust in Latvia is also evident in its large-scale investments: last year they reached 18 million euros, and additional improvements of more than one million euros are planned for next year.
The past year marked a turning point for the Fazer structural unit in Latvia. The company made a strategic decision to merge its Baltic bread factories and concentrate production in one location – the Ogre region. Until now, production had taken place both in Latvia and Kaunas, but a detailed analysis showed that modernizing and consolidating production in Latvia would deliver greater long-term benefits.
With the implementation of this plan, total investments in Latvia reached 18 million euros. These funds were used to modernize and expand the production building, install three new production and assembly lines, and build a new warehouse. Although the modernization and automation of the factory on a Baltic scale generally meant a decrease in the number of employees, Latvia was an exception – around 60 new jobs were created at the Ogre factory during the project. As a result, the total number of employees at “Fazer” bread and confectionery factories in Latvia now exceeds 300.
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Originally published on 8 Dec
Read MoreLatvia to Host CiTech’s European Operations Following Multi-Year Cooperation with LIAA
Critical Infrastructure Technologies Ltd. (CiTech), an Australian developer of cutting-edge mobile communications platforms, has announced the establishment of its wholly owned Latvian subsidiary SIA CiTech Europe, with plans to make Latvia the company’s European headquarters by 2026. The decision marks a significant milestone in CiTech’s global growth strategy and positions Liepāja as a key hub for the company’s European manufacturing, sales, and innovation activities.
CiTech’s planned facility will be in the Liepāja Special Economic Zone (LSEZ), taking advantage of the region’s excellent logistics, access to European markets, and competitive tax incentives — including a corporate tax rate of just 4% within the SEZ.
The company’s CEO, Brenton Scott, emphasized Latvia’s strategic importance for CiTech’s European expansion: “Our engagements with Latvian authorities have confirmed Latvia’s attractiveness as the home for our European headquarters. We are very excited to be accelerating our establishment in Latvia, building strong partnerships and creating a hub to support defense, border security, surveillance, and innovation across the European market.”
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Originally published on 16 Nov
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