Restructuring events
European Restructuring Monitor (ERM)
The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Tukuma mÄ“beles, has acquired the previously closed SÄga factory in Tukums from Swedbank and plans to create up to 200 jobs in the first operating year. The long term plan is to increase the workforce to 250. Tukuma mÄ“beles also plans to expand the range of wooden furniture produced in the factory from solid wood and cabinet furniture and also glued plywood. Tukuma mebeles has received the EUR 1.5 million (LVL 1.1 million) loan from DNB for expanding production capacity.
Tukuma mebeles is newly established enterprise, 100% owned by the furniture manufacturer Daiļrade koks. Daiļrade Koks is one of the leading furniture production enterprises in Latvia, and employs more than 500 employees. It has manufacturing units in Vaiņode, Viļaka, Pļaviņas and Valmiera. Valmiera unit is operating under subsidiary company Valmieras mebeles.
As reported before, Saga factory in Tukums was closed down along with other Saga group manufacturing units in 2009, and 200 employees lost their job. Swedbank bought Saga group property at auctions organized by the insolvency administrators of Saga group in 2010. Later Swedbank tried to find investors for the closed factories which resulted in the deal with Daiļrade Koks.
UPDATE, 19/12/2011 -Â DNB bank has issued a credit and a credit line, worth LVL 1.10mn for the financing of the development of production and expansion of the plant's facilities. According to latest news the company expects to create some 150 new jobs.Â
Eurofound (2011), Tukuma mebeles, Merger/Acquisition in Latvia, factsheet number 72947, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/72947.