LIAA signs a contract about the support for building a new factory

JSC NEDBALTIK signed a contract No. L-APV-10-0030 on 14 July 2010 with the state agency “Investment and Development Agency of Latvia” (LIAA) about the implementation of the project “The Construction of the Ventilation and Air Conditioning Equipment Plant” which is co-financed by the European Regional Development Fund.

Within the framework of the project “The Construction of the Ventilation and Air Conditioning Equipment Plant” it is planned:

1. to construct new and modern production facilities and warehouses with all the necessary infrastructure and a total territory of 3000 m2;

2. to purchase and set up new manufacturing equipment alongside with the existing ones, and to train the personnel to maintain the equipment;

3. to purchase the license for the manufacturing of the new products;

4. to modernize and expand the manufacturing thus increasing the production volume and range.

It is planned to construct the new plant in Rezekne District near Veremu village where the ventilation and air conditioning equipment shall be manufactured according to the latest technologies. The implementation of the project would increase the volume and quality of the production and widen the range of the production which as a result would facilitate the volume of the export. Furthermore the new line of the products is aimed on a wider audience of customers: suitable for manufacturing needs as well as for offices and private houses, thus facilitating the marketing of the production in the CIS countries as well as in the Baltic region.

The total investment planned for the project is 3 331 689,15 Ls.

The current funding of the European Regional Development Fund (ERDF) is 1 385 860,11 Ls .

The development of the technical project of the plant is in progress.