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International Internet Magazine. Baltic States news & analytics Wednesday, 27.05.2020, 00:23

Valmieras Stikla Skiedra fiberglass concern might reduce production in UK in case of Brexit problems

BC, Riga, 05.04.2019.Print version
If the Brexit process will run into problems, Latvia’s Valmieras Stikla Skiedra fiberglass concern might reduce production in its UK plant, the company’s board chairman Stefan Jugel said LETA.

“We have been monitoring the situation for the past two years. Some of the production equipment has been moved from the UK to Latvia so that we are able to make deliveries from Latvia if necessary and we would not depend on the production in the UK. There has been an exchange of employees, Latvian employees are practicing at the UK plant. At the same time, there is much uncertainty, but we are ready to react,” he said.

Jugel said that the main customer of the concern’s Valmiera Glass UK Ltd plant is the aviation industry.

“These are specific products that have to meet certain requirements and serve the whole life cycle of an airplane, therefore these materials cannot be replaced with anything else. We are monitoring the process very carefully,” he said.

As reported, Valmieras Stikla Skiedra fiberglass maker turned over EUR 112.983 mln in 2018, down 10.2% from 2017, and sustained a loss of EUR 14.991 mln in contrast to a profit made the year before.

Valmieras Stikla Skiedra group comprises the parent company Valmieras Stikla Skiedra and its three subsidiaries: Valmiera Glass UK Ltd. in the United Kingdom, Valmiera Glass USA Corp. and Valmiera Glass USA Trading Corp. in the United States. Valmieras Stikla Skiedra shares are quoted on the Secondary List of the Nasdaq Riga stock exchange.

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