The window production facility in Olaine was set up jointly with Iceland's biggest window maker ISPAN Ltd. The biggest shareholder of Ispan Baltics is SIA Nordic Industries.
Ispan Baltics President Janis Vinguzis said the company invested 150,000 lats ($245,499) into the purchase of production equipment while total costs of reconstruction of the production premises have not been calculated yet.
The company is planning to earn back the investment in two years and to acquire control over 20 percent-25 percent of the plastic window market in Latvia.
Vinguzis said the facility's capacity is 600 window glass packets a day. During the initial stage of startup only 20 percent of the capacity will be used. The company for the time being employs 25 people.
"Ispan Baltics is proud to announce it has concluded a strategic agreement with Germany's Kommerling. The Kommerling firm which is one of the leading PVC plastic window profile producers in Europe has appeared in the Latvian market for the first time," said a representative.
Ispan Baltics will have the highest production capacity among Latvia's window makers. The company will focus chiefly on the Latvian market but is also planning to export a part of its products to Nordic countries.