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International Internet Magazine. Baltic States news & analytics Monday, 26.08.2019, 03:58

Estonia's Graanul Invest opens office in Latvian capital

BC, Tallinn, 19.07.2018.Print version
The Estonian wood chip manufacturer Graanul Invest has opened an office in Riga to offer employees of the group a convenient place to work and have meetings when doing business in Latvia, reported LETA/BNS.

The office is located on the fourth level of a newly completed office building on Gara Street and it provides a permanent place of work for three employees of the Graanul Invest group subsidiary SIA Latgran, for employees of the group moving from location to location, as well as conference rooms for holding business meetings, Graanul Invest said.

The location was chosen for its superb accessibility. The office is situated 16 kms from ther airport, at a suitable driving distance from the Tallinn head office, and is suitably located between Graanul Invest's six factories in Latvia.

Graanul Invest said that while the first Latgran employees have moved into the new office, the interior of the offices will be fully furnished by the end of the summer.

The design of the office is by Latvian designer Janis Rinkevics.

Latgran's revenue in 2017 declined 38.2 percent year over year to 24.2 mln euros and it finished the year with a loss of 216,855 euros, compared with a profit of 1.6 million euros posted for 2016.

AS Graanul Invest bought SIA Latgran from the Swedish companies BillerudKorsnas AB and Baltic Resources AB in 2015. Mergmermarket estimated the transaction to have been worth 104 mln euros.

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