Luminor finances development of metalworking company SIA Elbors

  • 2022-05-10

Luminor Bank has granted a 360 000 euro loan to the metalworking company SIA Elbors for the acquisition and reconstruction of new production premises.

 “Recent years have not been easy for the metalworking sector, with increased competition and changes in market demand, as well as disruptions to supply chains due to Russia's war in Ukraine. However, metalworking companies that are proactive and adapting to the new conditions are achieving very good results, including SIA Elbors, and the metalworking sector is showing growth at the start of the year. We hope that the bank's loan will open new development prospects for the company," says Ilze Zoltnere, head of Luminor's Corporate Department in Latvia.

The company is engaged in turning, milling, and grinding of metal parts, as well as welding. The range of services offered by SIA Elbors also includes powder coating, erosion, industrial equipment repair, non-standard equipment manufacturing, metal heat treatment, electroplating, and other metalworking related jobs. According to the company's sales data, SIA Elbors mainly produces various types of metal structures for furniture, production technology-related parts for the food industry, moulds for bottles, test stands for various aircraft, as well as parts for other manufacturers' conveyors.

"We are a multifunctional, dynamically growing manufacturing company and also one of the leaders in metalworking. Our production facility is already equipped with good metalworking machinery to carry out tasks of varying complexity, requiring high precision and quality. However, with business growth and increasing demand, we need new premises as the existing ones have become too cramped. The expansion will allow the purchase of new metalworking tables and improve the working conditions of the workers, as well as reduce operating costs, as the existing workshop is rented and has very low energy efficiency. With utility bills only set to rise, the investment in a new workshop is a very important milestone in the development of SIA Elbors. The bank's loan will help the company to jump on the next business train, which is focused on long-term production and export promotion in the metalworking sector," explains Vladimirs Getikovs, representative of SIA Elbors.

About SIA Elbors

The company was founded in 2011 and employs around 20 people. SIA Elbors cooperates with companies from various industries: food, metalworking, packaging, printing, aerotechnics, construction, woodworking, and other industries, and therefore has extensive experience in meeting the unique needs of its customers.

 About Luminor

Luminor is the leading independent bank in the Baltics and the third-largest provider of financial services in our region. We serve the financial needs of individuals, families, and companies. Just like our home markets of Estonia, Latvia, and Lithuania we are young, dynamic, and forward looking.