Latvia’s IKTK invest 2 mil euro in glulam plant

The Latvian timber building structures producer IKTK has invested about two million euro in large-sized glued laminated timber structures production plant, reported LETA.

The company has built a new production plant and acquired high precision timber processing equipment which includes CNC type machines for complicated precision processing of timber components.

“IKTK has regained its position as the Baltic industry leader thanks to the computer-managed complex for high precision processing of large-scale timber components,” said the company’s chairman of the board, Māris Peilāns.

IKTK manufactures large-scale glulam beams and cross-laminated timber (CLT) structures. The plant also produces building components according to custom contracts.

Glued laminated timber structures manufactured by IKTK are used to build exclusive bridges, buildings and constructions in Latvia, Lithuania, Norway and Sweden. The company continues to develop its market.

IKTK reportedly opened its research and production centre in 2015, investing more than 5 million euro with the support of EU structural funds. Total investment to date is more than 7 million euro.

In 2018, IKTK reported a turnover of 1,187 million euros while its losses amounted to 65 760 euro.

IKTK was founded in 2011, and its owners include SIA Ceļu būvniecības sabiedrība Igate (99 per cent) and SIA Meža un koksnes produktu pētniecības un attīstības institūts (the Wood and Timber Products Research and Development Institute) or MeKA (1%).