“Luminor Bank to Finance Latmalt’s 4M Euro Investment Project to Improve Malt Production Process”

“Luminor” bank will finance the investment project of SIA “Latmalt” to improve the malt production process in the amount of 3.2 million euros. In general, the company plans to invest 4 million euros.

“Latmalt” is a subsidiary of the agricultural services cooperative society “Latraps”.

“Latmalt” is the only malt producer in Latvia that does it industrially and on a large scale. The purpose of this investment project is to invest in the production process to make it more efficient and double the production capacity.

At the same time, the company plans to implement investment initiatives that will reduce the impact of economic activity on the environment and improve energy efficiency, for example, solar panels will be installed, producing electricity that will cover about a quarter of the company’s consumption, and the wastewater system will be improved in accordance with modern requirements. The investment project is also financed by the Rural Support Service.

“We produce various types of malt, which is the basic raw material in the production of beer and non-alcoholic malt beverages, and is also used in the preparation of flour, bread and confectionery products. We use grain grown in Latvia, ensuring the entire process from grain to malt. As well as by-products formed in the production of malt time, are successfully realized and processed into fodder or used for heating, biogas production, so we allow ourselves to claim that we are an almost waste-free industry.

The capacity of the company’s production equipment provides the opportunity to produce malt in both small and large batches – we are flexible and adaptable. With this investment project, we want to make the production process even more efficient, in order to be able to provide a larger production volume in times of higher demand and to be more competitive in terms of the offered price,” says Gundars Ruža, chairman of the board of SIA “Latmalt”.

“Financing sustainable projects is currently one of the bank’s priorities,” says Ilze Zoltner, head of Luminor’s Corporate Department.

SIA “Latmalt” malt house in Jelgava region Staļģene started its operation in 2014. The total capacity of the malt house is around 3300 t of malt per year. The company is a 100% subsidiary of the agricultural services cooperative society “Latmalt”. Only barley, rye and wheat grains of certain varieties and quality grown in Latvia (the company has been awarded the Green Spoon quality mark) are used in the production of malt.