Luminor banka has granted 1.7 million euros in financing to the crop production company SIA Tēraudiņi for the reconstruction of a grain dryer and the purchase of new equipment. This will make the drying process of traditional crops such as rye, wheat and oats more efficient.
With the financing granted by Luminor, SIA Tēraudiņi plans to implement a dryer construction and reconstruction project, the total cost of which is more than 2.3 million euros. The project also attracts co-financing from the Rural Support Service in the amount of 662 thousand, but the dryer improvements will be implemented together with SIA Ungurpils Grauds. In addition to reconstruction works, new technical solutions will be introduced, for example, the grain dryer will be equipped with a recuperation system. The improvements will allow the grain towers to store 5,000 tons of grain. In turn, an additional grain receiving pit, which will also perform grain pre-cleaning, will allow to increase the processing capacity, reaching 100 tons per hour.
“Last year was a successful year for the agricultural sector, achieving one of the largest revenue increases in a decade. Last year, there was also a quality harvest in crop and grain growing, which was a good precondition for companies to continue investing in the improvement and development of economic activity this year. We are pleased to provide support to SIA Tēraudiņi for the modernization of the grain drying process in order to increase their operating capacity. At the same time, we are ready to support other agricultural companies with good conditions in their development plans in order to achieve more and more productive records in the future, ”says Ilze Zoltnere, Head of Luminor Corporate Department.
SIA Tēraudiņi manages approximately 1235 hectares of agricultural land, of which approximately 789 hectares belong to the company itself. The company grows agricultural crops such as rye, winter and summer wheat, buckwheat, summer barley, potatoes and oats. Most of the produce is transferred to local companies, such as LPKS VAKS, Aloja Starkelsen and ADS Baltic. Last year, the most sold products were potatoes (3723.53 tons), rye (1651.66 tons) and winter wheat (1581.07 tons).
“As demand grows and yields increase last year, we have decided to implement a project planned for several years – the construction and reconstruction of a new dryer, which will allow us to dry the grain ourselves, instead of straining the drying lines in the vicinity. In addition, the reconstruction of the dryer will provide an opportunity to better store the products intended for sale, also speed up the pace of grain harvesting and more successfully plan the company’s operations, ”says Valdis Možvillo, SIA Tēraudiņi owner and chairman of the board.
About SIA Tēraudiņi:
SIA Tēraudiņi is located in Ungurpils, Aloja parish, Aloja region and is a crop growing company with more than 25 years of experience. The company currently employs 31 people. The products manufactured by SIA Tēraudiņi are sold both in Latvia and abroad.
By Luminor:
Luminor is the third largest financial services provider in the Baltic States with approximately 870 thousand customers, 2,300 employees, as well as a 14.9% market share in deposits and a 16.9% market share in lending at the end of March 2021. Luminor’s equity is € 1.7 billion, with a Common Equity Tier 1 capital ratio (CET1) of 23.4%.
Luminor
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