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.
Manufacturing Manufacture Of Material For Textiles, Apparel, Leather And Related Products Manufacture Of Wearing Apparel 14.19 - Manufacture of other wearing apparel and accessories
100 jobs Number of planned job creations
Announcement Date
11 January 2023
Employment effect (start)
1 January 2023
Foreseen end date
31 December 2023
Description
The Norwegian clothing company Devold Production has announced plans to expand its production and to create 100 new jobs by the end of 2023 at its facility in Latvia's Balvu municipality, where it currently employs 26 people. The company has entered the Latgale Special Economic Zone (SEZ) and plans to invest almost EUR 1.8 million in the production of various types of men's and women's clothing.
Currently, the company operates in small workshops in the Balvu municipality. The new investments will be made to equip larger premises with manufacturing devices to expand the production. The company aims to produce up to 460,000 clothing units in 2023.
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Sources
11 January 2023: Public broadcasting of Latvia (www.lsm.lv)
Citation
Eurofound (2023), Devold Production Latvia, Business expansion in Latvia, factsheet number 108167, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/108167.
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