“SEB banka” has granted a five million euro factoring loan to the glass fiber producer AS “Valmieras stikla šiedra”, informs the bank.
The loan will strengthen the company’s cash flow and liquidity while significant investments are made in the energy efficiency of production processes.
The representatives of “SEB banka” remind that by investing more than 15 million euros in energy-efficient solutions and providing more than 50 new jobs, the construction of the second glass melting furnace with a high silicon oxide content has been completed at the “Valmieras stikla šciedras” production plant. Currently, the heating of the new furnace has started to prepare it for the start of glass fiber production and in early August it could provide export products to foreign markets.
“Attracting factoring financing has two main tasks. First, to ensure additional liquidity during the construction of the new glass melting furnace – the new furnace will not only allow to increase the production volumes of high added value and heat-resistant glass fiber products up to 1100°C, but will also strengthen the company’s position” Volkswagen ” in the supply chain of the group and “Toyota”, which has shown a growing demand for this type of production. And, secondly, with factoring, we will finance the increase in current assets – receivables and stocks – related to the volume of operations and the increase in turnover,” explains the board member of “Valmieras stikla šciedras” Martin Blaus.
“Valmieras stikla šiedra” last year, according to preliminary data, worked with a turnover of 128 million euros, which is 41% more than the year before. On the other hand, the company’s profit, according to the information published by “Valmieras stikla šciedas”, was 6.154 million euros in 2022.
In February 2021, the Luxembourg fund “Duke” bought a controlling stake in “Valmieras stikla šciedras”. According to the information published by the company, “Duke” owns 97.18% of the shares of “Valmieras stikla šciedas”. The company was registered in 1991, and its share capital is 2.417 million euros.
2023-07-19 07:42:21
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