Luminor bank will provide funding equal to 3.2 million euro for SIA LATMALT investment project in order to improve the malt production process. The company plans to invest 4 million euros in total to ensure that in every Latvian home there would be products made of Latvian malt.
SIA LATMALT is a subsidiary of the Cooperative Society of Agricultural Services LATRAPS.
“We are pleased with the previous long-standing cooperation with LATRAPS and the opportunity to co-finance a project of its subsidiary, which will help both to develop the local production, and reduce the company's environmental impact. Financing of sustainable projects is one of the priorities of the bank, and we are glad that Latvian companies increasingly more start to think not only about profit indicators, but also their ecological footprint, welfare of employees and the impact on the surrounding society,” says Ilze Zoltnere, Head of Corporate Banking at Luminor in Latvia.
SIA LATMALT is the only malt producer in Latvia, which does it industrially and on a large scale. The purpose of this investment project is to invest in the production process to make it more efficient and double the production capacity. At the same time, the company plans to implement investment initiatives which will reduce the environmental impact of the economic activity and will improve energy efficiency, for example, solar panels will be installed, generating electricity that will cover approximately one fourth of the company's consumption, and also the sewage system will be improved in accordance with modern requirements. Also financing of the Rural Support Service is attracted for the investment project.
“We produce various types of malt, which is the main ingredient in production of beer and non-alcoholic malt beverages, and is also used in making of flour, bread and pastry products. We are using grains cultivated in Latvia, ensuring a full process from grain to malt. Also by-products created during the malt production process are successfully used and processed into fodder or used in heating, production of biogas; therefore, we dare to say that we are almost zero waste industry. The capacity of the company's production equipment allows to produce malt both in small, and also large batches – we are very flexible to customers' desires. Through implementation of this investment project we want to make the production process even more efficient, so that at moments of higher demand we would be able to ensure even larger production volume and be more competitive in terms of the offered price. Together for real Latvian beer and bread!” says Gundars Ruža, the Chairman of the Board of SIA LATMALT.
SIA LATMALT malt house started its operation in Staļģene, Jelgava municipality, in 2014. The total production capacity of the malt house is approx. 3,300t of malt per year. The company is a 100% subsidiary of the Cooperative Society of Agricultural Services LATRAPS. Only barley, rye and wheat grains of specific sorts and quality, cultivated in Latvia (the company has been awarded the “Green Spoon” quality mark), are used for production of malt. The malt production technology fully complies with Latvian and European Union quality and production standards, which is proved by the certified FSSC quality system introduced in the company, which guarantees a safe product and compliance with high requirements of good production practice.
Luminor is the leading independent bank in the Baltic states and the third largest provider of financial services in the region. We provide financial services to individuals, families and enterprises. We are new, dynamic and forward-looking just as Estonian, Latvian and Lithuanian markets.