The Baltic Furniture Group, which has headquarters in Lithuania, has sold 86% of the Latvian chipboard manufacturer Bolderaja to the Kronospan Group.
The acquisition makes Kronospan the biggest producer of chipboard in Latvia and it has been reported that the company intends to invest up to €100m over the next few years in upgrading the Bolderaja factory.
A new €2m production line for the production of melamine-faced chipboard is to be installed, with two further lines proposed.
The existing chipboard production line will be streamlined to increase current capacity of 170,000-180,000m3 a year to 300,000m3 a year.
Kronospan is also considering building a new factory for the production of OSB.
