ABLV Bank finances the production of flexible packaging in Ventspils

Riga, Latvia, February 2, 2017, 11:00 / Banking

On 1 February, “Immer Digital’’ has opened its flexible packaging material factory in Ventspils. The factory is the largest factory of such type in Northern Europe. The project attracted financing exceeding EUR 5m, almost part of it being granted by ABLV Bank, while the remaining part — private equity and co-financing of Development Finance Institution “Altum”.

“We are extremely pleased with the fact that our support has allowed to set up a new factory in such a vital exporting sphere for Latvia. Whilst the Bank has gained a new important client,” says Anton Marchenko, Head of ABLV Bank Project Financing Division.

Such production start-up in Latvia allows to diversify production risks, and become closer to the clients in Europe owing to the benefits offered by favourable economic environment and jurisdiction. The packaging material factory will use a wide experience, knowledge, contacts and proprietary design of “Immer Ukrplastic’’ being part of Immer Group — Eastern Europe’s largest manufacturer of flexible packaging materials and one of the global leaders in this area. The new digital printing site will provide flexible packaging, label and plastic bag manufacturing services. “Immer Digital” offers packaging manufacturing services both for food and non-food products, including fresh, frozen, hard, liquid chemical and other products. Due to the innovative packaging manufacturing technologies, the product’s shelf life is significantly prolonged compared to the traditional packaging types. The company also renders concept and design development services, as well as pre-printing preparation services. Benefits of digital printing allow to provide small-scale orders for small businesses and manufacturers. The considerable part of the packing is export-oriented.

At the moment, the company has 18 employees. However, “Immer Digital” is currently at the second stage of development involving the instalment of equipment for medium and large-scale production.

In recent years, the Bank has been actively involved in commercial lending for Latvian-based enterprises — leaders in their business sphere. Thus, the Bank granted financing for the construction of the hotel, medical center and office building as well as for logistic and other companies. Among our clients, there are both companies from EU and the CIS countries. In general, this attracts direct investments to Latvia and facilitates the economic growth of the country and export.