RIGA, Latvia: Latvia’s largest producer of growing media, SIA Pindstrup Latvia a division of the Pindstrup Group, opened a new wood fibre plant near Riga, Latvia on September 22. The factory will serve for the production of Forest Gold – a new component for growing media – for professional growers. Latvia’s Finance Minister, Dana Reizniece-Ozola, was on hand to cut the ribbon and declare the factory open.
The total investment in the plant reached EUR 5 million, of which EUR 1.2 million are from the Investment and Development Agency of Latvia (LIAA), while the rest was financed by the company. This investment will make it possible to significantly increase the production volume and exports while also increasing the number of employees at the company by 25 persons.
“Today I am very pleased to take part in the opening of new fibre plant of SIA Pindstrup Latvia. It is not just a new plus sign for Latvia’s export balance. It is more than plain tax revenue, more than new added value to wood chips, more than environment-friendly production in Latvia. I would like to emphasize that it means new well-paid jobs,” said the Minister of Finance Dana Reizniece-Ozola during her keynote address at the opening.
Simon Søe, CEO of Pindstrup Latvia, expressed his satisfaction with what has been achieved by stating that, “The new wood fibre plant is a very important project for the entire Pindstrup Group. It took more than three years to complete the plant, and we are very proud of what has been accomplished.There is nothing like this plant in the Baltics, and it will allow Pindstrup to expand the production of growing media by 30 %.”
As one of the world’s leading producers of growing media, the Pindstrup Group remains dedicated to developing and delivering substrates of the highest quality to its customers in more than 100 countries around the world. Research and trials have shown that great results can be achieved when growing plants in substrates that contain a mix of peat and wood fibre. For this reason the Pindstrup Group has developed Forest Gold – wood fibre mixed with Pindstrup peat, and decided to emphasize this dedication by investing in a state-of-the-art plant.
As part of the opening event, a speed-chess game was set up to illustrate the strategic thinking and tactical manoeuvres that lie behind the decision to invest in a state-of-the-art plant to produce innovative growing media that can help growers optimize their plant production. The Finance Minister of Latvia, Dana Reizniece-Ozola, also a chess Woman Grandmaster, was keen to play the Pindstrup CFO, Tomas Guldberg Hansen, also a skilled chess player, at the opening.
The Pindstrup Group is one of the world’s leading producers of growing media for professional horticulture. Founded in 1905, the Pindstrup Group is 100 % family-owned and is based in Denmark. It has exports to more that 100 countries across the globe. Production facilities are located in Estonia, Latvia, Russia, Spain, Denmark and the UK, and the company has sales offices in China, North and South America, Russia, Southeast Asia and many countries across Europe. The Pindstrup Group employs approx. 820 people.
SIA Pindstrup Latvia is a Latvian subsidiary of the Pindstrup Group and employs approx. 500 people. In 2015 Pindstrup Latvia was awarded with a special prize (a chess board) from the then Minister of Economics, now Finance Minister, for creating well-paid jobs.
For more details please visit www.pindstrup.com