SEB banka grants EUR 2 million to finance construction of the production plant of LSEZ AS ''Norplast Piemare'' company

SEB banka has granted 2 million euros to the Liepaja Special Economic Zone joint stock company ‘’Norplast Piemare'' to finance construction of a new 2000 m2 large production plant in the Port of Liepaja, which will deal with manufacturing of oversized composite products for fish-farming and oil-producing industry for further export to Norway. Construction of the plant is expected to be completed in autumn, 2024. Location of the manufacturing facility in immediate vicinity of the harbor berth will provide logistical advantages and facilitate transportation of the oversized cargo.

LSEZ AS ‘’Norplast Piemare'' is one of the subsidiaries of the Norwegian company ‘’ENTEC Group'', which entered Liepaja a few years ago. The name Entec Group derives from ‘environmental technology’ and represents the company’s commitment as a holding company to owning and operating businesses dedicated to efficient solutions that are both technologically advanced and sustainable – always with a focus on water. It specializes in the production of fiberglass products used in ship safety equipment, oil extraction, transport, active recreation, sewage treatment, fish farming and other fields.

‘’SEB Bank has been cooperating with Entec Norplast for a long time. The company has been able to conquer its niche in the production of specific composite products. We are pleased that we can support and facilitate manufacturing industry and cooperate with an internationally recognized and valued company, which is growing and developing in Latvia,'' says Arnis Škapars, Board Member of SEB banka.

‘’The new production plant is an important step of in our long-term strategic development. Indeed, we are aimed at growth and the new facility in Liepaja gives us the opportunity to grow, as well as a,unique opportunity to ship large composite structures directly to our customers from the adjacent berth. We are glad that our financial partner - SEB banka - has also assessed the potential of our companies in a very specific field of activity. ‘’Entec Norplast'' and ‘’Norplast Piemare'' development story in Latvia will continue with even greater capacity – from now on it will be in our two production plants - in Saldus and in Liepaja,'' says Māris Meija, Managing Director of ‘’Entec Norplast'' and Board Chairman of LSEZ AS ‘’Norplast Piemare''.