Luminor bank has granted funding of 12.4 million euros to Livonia Print, the largest book production company in the Baltics The funding is intended for financing of current assets and investing into further development of the company.
Luminor bank has granted to the company funding equal to 12.4 million euros, also ensuring factoring and overdraft limits for increasing of current assets. The bank has also issued to Livonia Print a long-term loan for acquisition of new equipment – new printing, gluing and binding machines will help to increase the production efficiency and make it more environment-friendly.
“In 2019, polygraphy was among the fastest growing industries in Latvia, and a huge contribution to achieving such a result was made by the leading company in the industry Livonia Print, which is the largest company in Latvia and in the Baltics in terms of turnover already for several consecutive years. By funding this company, we also appreciate its responsible attitude to environment – for example, 95% of production waste is recycled, nature-friendly materials are used in production, CO2 emissions are considered and reduced, and investments are made in more environment-friendly equipment. We are pleased to be able to provide support to Livonia Print not only to ensure and develop the production process, but also to give an opportunity to implement production that is more friendly to environment,” says Ilze Zoltnere, Head of Luminor Corporate Department in Latvia.
“We are proud that Livonia Print holds 5 environment certificates, which ensure fulfilment of requirements of customers concerning use of more environment-friendly materials, calculation and reduction of CO2 emissions, and also shape attitude of customers and employees to sustainability issues. The cooperation with Luminor bank will give Livonia Print an opportunity to retain its leading position on the way to the most sustainable book also in the future. Thank you for your high appreciation!”
– says Trond Erik Isaksen, the owner of SIA Livonia Print.
Luminor is the third largest provider of finance services in the Baltic states with around 900 thousand customers, 2,500 employees, and 15.6% market share in deposits and 17.6% market share in crediting at the end of the first half of 2020. The equity capital of Luminor comprises 1.6 billion euros, the Common Equity Tier 1 (CET1) indicator reaching 22.0%.
Livonia Print is the largest book producer in Northern Europe, operating almost only on export markets already since its establishment in 2007 and exporting approximately 99% of products to 20 countries. If the largest amount of books in the first decade of operation was supplied to publishing houses in Sweden, Norway and Denmark, the last decade has shown significant increase in turnover also in Germany and Great Britain. The plant is equipped with the latest machines in various groups of technology, which allows selecting the most suitable production method for each individual order, achieving high production efficiency. Even during Covid-19 crisis the company operates at full capacity, producing 1.5 books every second, 24 hours a day, seven days a week.
Livonia Print is a socially responsible company, which takes care of its employees and their families, ensuring a respectful salary system, health insurance and a possibility to participate in activities for families, organised by the company.