Estonia, Investments, Latvia, Markets and Companies, Woodwork

Kohila Vineer in November 2016 opened an updated birch plywood factory. It also finalized the expansion work of the factory and started installing and testing plywood production equipment. The company plans to reach full project capacity within the next three years, according to remarks accompanying the annual report.

Kohila Vineer created 114 additional jobs in 2016 and the average number of employees grew from 57 to 157. Wage costs increased from 825,000 euros in 2015 to 1.2 mln euros last year.

Kohila Vineer is a subsidiary of Latvia's biggest wood processing group Latvijas Finieris, which in 2016 registered a sales revenue of 213.4 mln euros, 9% more than the year before.

The company invested 80 mln euros in updating the Estonian factory. The factory is prepared to process 160,000 cubic meters of wood a year and will employ 200 people.

Andres Lahe, board member of Kohila Vineer, said in June 2016 that the company is expected to quadruple its annual revenue to 40 mln euros.