“GroGlass” plan to invest 2.4 million euros for development this year


The last year has been very significant for the developer of UV protective glass coatings SIA “GroGlass”, because many notable events have taken place, as shown in “Lursoft” Client Portfolio.

“The company merged with its affiliated company SIA “Gerna” as a result of reorganization, an extension project was finished at the factory situated at Katlakalna Street 4b, and also Covid-19 pandemic showed the company’s resilience to global crisis situations”, said in the Management Report of SIA “GroGlass”.

In 2020, SIA “GroGlass” successfully finished the part of capital investment project aimed at installation of equipment at the extended factory for increasing the production capacity and efficiency. In 2020, the company invested 1.2 million euros for improvement of production technology and raising the capacity of vacuum factory.

Last year, before the global restrictions concerning Covid-19 were introduced, the company developed rapidly on all markets, whereas after announcement of emergency situation until May the market was under uncertainty, resulting in a significant drop in the purchase volumes. “Thanks to diversification of markets, production and business segments of the company, SIA “GroGlass” continued the production process and fulfilling of orders during this hard period in order to prepare for the moment, when the market will recover and to meet the demand, as a result of which the company reached record high sales volumes in the second half of the accounting year with increase by 12%,” stated in the Management Report of SIA “GroGlass”.

The turnover of SIA “GroGlass” in 2020 was 18.12 million euros, gaining profit of 3.38 million euros after payment of taxes. Last year, the company received state support of 264.79 thousand euros, intended for export companies for overcoming consequences of Covid-19 crisis, and also the SRS multiple times supported division of the company’s delayed tax payments into several terms or their postponement for a period of up to three years.

The information given in “Lursoft” statement shows that in the previous year SIA “GroGlass” employed 145 people.

The development strategy plan of SIA “GroGlass” for the next five years provides for significant investment in technology and fixed assets. “The extension project at the existing vacuum factory at Katlakalna Street 4b will be finished, its technology will be modernised and the production capacity and efficiency of the existing equipment will be increased,” explain SIA “GroGlass”, adding that investment of approximately 2.4 million euros is planned this year.

The actual beneficiaries of SIA “GroGlass” are Bouvier Laurent Emmanuel Michel, Prieto Galiana Jaime and Scaillierez Damien Henri Rene.



Reference: https://www.delfi.lv/bizness/biznesa_vide/groglass-sogad-attistiba-plano-investet-2-4-miljonus-eiro.d?id=53249489