Klippan-Saule has received an overdraft of 400,000 euros to finance working capital :: Dienas Bizness

SEB banka has refinanced the liabilities of the textile manufacturer SIA Klippan-Saule and granted an overdraft in the amount of EUR 400 thousand to finance the company’s current assets.

The Latvian-Swedish joint venture SIA Klippan-Saule is a subsidiary of Klippan Textil AB, founded in 1997, whose main activity is the production of pure wool and cotton products. The company’s product range includes rugs, blankets, bedspreads, yarn, carded wool, ponchos, which are made mainly from 100% New Zealand wool.

“More than 90% of our products are exported to almost 30 countries around the world, which confirms that we have gained a strong position in this industry. In order to monitor the entire production process and be absolutely sure of the quality of the finished product, the entire production process takes place only in our own factories. The constraints of the Covid crisis have affected us minimally, and the demand for our products remains very high – we are operating at a profit and we are already receiving orders for 2022. In recent years, we have invested in the modernization of equipment to improve both production processes and provide more comfortable working conditions. At the beginning of the year, we also took the first steps in e-commerce by creating an online store for shoppers in the Baltic States. We will continue to develop it in order to provide customers with an even more convenient and high-quality service, ”comments Romualds Baikštis, Chairman of the Board of SIA Klippan-Saule.

“We are active in financing various business projects, increasing the newly issued financing to small and medium-sized enterprises by 28% in the eight months of this year. We are ready to finance projects of different industries and sizes, as long as we see viability and sustainable development in the company’s business model. “Klippan-Saule” is also an example of a sustainable business model, how to convincingly win its place in the export market, being able to adapt to the ever-changing demand and at the same time maintaining a consistently high quality of production, “says Arnis Škapars, Member of the Board.

Last year, Klippan Saule’s turnover was 7.142 million euros, which is 13.3% less than in 2019, while the company’s profit increased by 76.4% and reached 454,107 euros.

Klippan Saule is 99.95% owned by the Swedish company Klippan Textil, 0.02% by Baikst and another 0.02% by Swedish citizen Sven Jest Magnuson, who, along with two other Swedish citizens, is among the real beneficiaries. beneficiaries, according to “Firmas.lv” information.

In terms of assets, SEB banka is the third largest bank in Latvia.

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