“Latvijas maiznieks” will build a warehouse in Daugavpils for more than two million euros

The bread producer JSC “Latvijas maiznieks” will build a warehouse for frozen products in Daugavpils for more than two million euros, Luminor informed.

The company is implementing this investment project with the support of the Rural Support Service, and its total costs are more than two million euros, of which Luminor Bank’s financing is more than 1.8 million euros, which the bank has allocated to a bakery for the construction of a new frozen warehouse in Daugavpils . The warehouse is designed to store frozen products with about 4,000 pallet places and will be equipped with modern equipment.

The existing factory of the company “Latvijas mazinieks” is already located in Daugavpils, but the company has started the construction of a new warehouse next to the adjacent factory in order to obtain more and better quality space for storing products and ensure more efficient delivery to sales outlets.

We have already supported our client “Latvijas maiznieks” by successfully financing the implementation of important projects in Daugavpils, for example, in 2018 by expanding the factory and installing a completely new “Bake yourself” Ciabatta bread production line. We are glad that we can continue cooperation in this project as well. We appreciate customers who strive for development, as Latvijas Maiznieks, which in addition to building a new warehouse, has also created a new bread brand this year and created several types of bread with increased nutritional value, ”says Ilze Zoltnere, Head of Luminor Corporate Department.

The company’s total investment amounts to 2.5 million euros, investing 215,000 thousand euros in the creation of a new brand “Latvijas Zeltene”, which replaces the bread series “Zeltene”. A new visual look has been created for the bread series and investments have been made in the modernization of the line at the Daugavpils factory.

The owner of “Latvijas baker” is the Estonian company “Maral Invest”, but the real beneficiary is Estonian citizen Margus Mehine. The share capital of “Latvijas maiznieka” is 895,629 euros.

Luminor is the third largest financial services provider in the Baltic States with approximately 900,000 customers, 2,500 employees, as well as 15.6% market share in deposits and 17.6% market share in lending at the end of the first half of 2020. Luminor’s equity is € 1.6 billion, with a Common Equity Tier 1 capital ratio (CET1) of 22.0%.

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