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Luminor bank has granted funding in the amount of EUR 1.8 million to the bread manufacturing company Latvijas Maiznieks. The funds will be used to build a new frozen produce warehouse building in Daugavpils.

The existing factory of Latvijas Maiznieks is located in Daugavpils, yet to obtain more space of better quality to store goods in and to ensure faster delivery to trading venues, the company has started building a new warehouse next to the factory. The warehouse is intended to store frozen produce, with space for about 4000 pallets, and it will be supplied with modern equipment, such as mobile pallet shelf system and horizontal automated packing line for packaging bread products. This investment project will be implemented by the company with support of the Rural Support Service, and its total costs are over EUR 2 million, of which more than EUR 1.8 million is financed by Luminor Bank.

“We have supported our client Latvijas Maiznieks in the past, successfully financing implementation of important projects in Daugavpils, for example, expansion of the factory in 2018, installing a completely new “Bake it yourself” or “Izcep pats” Ciabatta bread production line. We are happy that we can continue cooperation with this project as well. We appreciate clients like Latvijas Maiznieks, as they strive for development, and have also created a new bread brand and created several bread types with increased nutritional value this year whilst building the new warehouse,”

 – says Ilze Zoltnere, Head of Corporate Department at Luminor.

The company’s overall investment amount has reached EUR 2.5 million, by investing EUR 215,000 into creation of the new brand “Latvijas Zeltene”, replacing the bread series “Zeltene”. A new visual look has been created for the bread series, and investments have been made to modernise the production line at the Daugavpils factory.

“The brand “Zeltene” has been a popular product in many Latvian families for long years, so with appreciation of our consumers’ loyalty, we have created a new brand “Latvijas Zeltene”. With the brand change we want to emphasize that all products of this series are made in Latvia — at the Daugavpils factory. Within the brand change, a completely new double parboil production technology has been developed for the “Latvijas Zeltene” light rye bread, resulting in an improved nutritional value and quality of the bread. At the same time, we have kept the price of the product the same,”

 – emphasizes Māris Daude, Board Member of Latvijas Maiznieks.

About AS Latvijas maiznieks

The origins of AS Latvijas Maiznieks can be sought in 1968 when the Daugavpils Bread Industrial Complex was founded. Today Latvijas Maiznieks is the largest bread production company in Latvia. Latest technologies and investments into innovations, combined with the best Latvian bread baking traditions, allow products to preserve an invariably excellent taste and quality. The bread series “Latvijas Zeltene”, “Latvijā cepts”, toaster bread “Vita!”, rye bread “Īstenā”, portion bread series “Maiziņš” and “Latvijas Graudu” bread, as well as sweet pastry products “Kūko” and “Rulē” are the most popular products of Latvijas Maiznieks. Moreover, the company Latvijas Maiznieks has been recognised as the “TOP Employer in Latgale Region” and the “Largest Taxpayer in Latgale Region” for five consecutive years.

About Luminor

Luminor is the third-largest provider of financial services in the Baltics, with some 900 000 clients, 2500 employees, and a market share of 15.6% in deposits and 17.6% in lending as at the end of June 2020. Luminor has total shareholders’ equity of 1.6 billion EUR and it is capitalised with a CET1 ratio of 22.0%.

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