Latvia's leading forest products company, AS Latvijas Finieris, brought online one of the country's largest industrial investments by inaugurating the VEREMS factory expansion at a high-profile ceremony on April 24. The 100 million Euro project, the largest single-site investment in the Latgale region, stands out for production capacity gains, sustainable wood architecture and strategic global market targets.
Representatives from 12 countries, including Türkiye, attended the ceremony. Riga Wood's Türkiye General Manager Beyhan Acar, Finance Director Nurgul Acar and Board Member Martins Lacis joined the Turkish delegation. The opening was attended by Latvia's Minister of Agriculture Armands Krauze, Rezekne Municipal Council Chair Guntars Skudra, AS Latvijas Finieris CEO Janis Ciems and VEREMS RSEZ SIA CEO Zinaida Lovnika.
The new plant was designed to meet rising demand from the global automotive and commercial vehicle sectors. Riga Wood Sales Director Valdis Kulpe noted that the market is particularly focused on 6-foot (about 1800 mm) wide panels.
Kulpe specifically highlighted Türkiye's rise in trailers: "In a market long dominated by Germany, France and the UK, the balance has shifted. In the last 10 years we've seen tremendous development in Türkiye. Today the largest Turkish trailer manufacturer is among Europe's top 4 or 5 companies, a serious player. Production in Türkiye serves not just Europe but, thanks to geography, also the Middle East and Africa as a critical export hub."
Key Takeaways:
1. AS Latvijas Finieris (Riga Wood) opened the VEREMS factory expansion on April 24 with a 100 million Euro investment.
2. It is the largest single-site investment in the Latgale region.
3. The plant targets 6-foot panel demand from the global automotive and commercial vehicle sectors.
4. The ceremony was attended by representatives from 12 countries including Türkiye.
5. Sales Director Kulpe highlighted that Türkiye is now among Europe's top 4-5 trailer manufacturers.
