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 Manufacturing Of Furniture And Other Manufacturing Manufacture Of Furniture 31 - Manufacture of furniture
100 jobs Number of planned job creations
Announcement Date
29 November 2011
Employment effect (start)
1 December 2011
Foreseen end date
1 April 2012
Description
Kvist Industries, has acquired the previously closed Laiko factory in MÄlpils from Swedbank. It is planned to create 100 working places and begin production by April 2012.
Laiko factory in Malpils was closed down along with other Saga group manufacturing units in 2009, and 300 employees lost their job. Swedbank bought Saga group property at auctions organized by insolvency administrators of Saga group in 2010. Later Swedbank tried to find investors for the closed factories which resulted in the deal with Kvist Industries. Previously this year Swedbank sold Saga trade Tukums production unit to Tukuma mebeles, enterprise which is 100% owned by Dailrade Koks, one of largest furniture manufacturers in Latvia,
Kvist Industries is a Danish furniture manufacturer with history that dates back to 1896. Kvist Industries employ 80 people at the factories in Denmark and 50 employees in Slovakia.
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Sources
29 November 2011: delfi.lv
29 November 2011: diena.lv
29 November 2011: kvist.com
14 January 2012: aprinkis.lv
Citation
Eurofound (2011), Laiko, Merger/Acquisition in Latvia, factsheet number 72948, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/72948.
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