Agriculture, Latvia, Legislation, Markets and Companies, Mergers and take-overs, Textile

Tele Textile Latvia operates in the production premises it rents from Lauma Fabrics. Its entire output is exported – to Poland, Italy, the Netherlands, Scandinavia and other countries in Europe. This year the company expects to produce around 1.7 million square meters of geotextile.

At present Tele Textile Latvia employs 12 people working in three shifts but intends to hire more staff and switch to four shifts a day in the nearest future.

Edijs Eglins, the board chairman of Lauma Fabrics, said his company saw the growth potential in geotextile production and was certain that its experience in making fabrics for undergarments will be useful also in making geotextiles.

In 2015, Lauma Fabrics generated EUR 29.2 million in turnover, down 24% from 2014, but its profit grew 50.2% to EUR 1.541 million.

Lauma Fabrics makes lace, elastic knitted fabric, ribbons, etc. The company was founded in 2005. Lauma Fabrics belongs to Myrtyle Ventures Limited, a company registered in Cyprus.

Tele Textile Latvia used to be 100-percent owned by Estonia’s Europe Textile Group OU, which kept 50% of shares after selling 50% to Lauma Fabrics.

Tele Textile Latvia reported a loss of EUR 5,800 on a turnover of EUR 43,000 for 2014.