About approval of EU funds Project

| Source: Rigas elektromašinbuves rupnica

JSC “RIGA ELECTRIC MACHINERY FACTORY” (JSC „RER”) informs that regarding to the information sent previously, “Investment and Development Agency of Latvia” has approved the Project „The launch of production of new asynchronous traction motors” of JSC “RER” on the 3rd March, 2014, within the support program „High value-added investments”.

Total Project investment: ~2.85 million EUR.

Total ERDF co-financing – 1 280 584 EUR

The aim of the Project is to purchase new technologic machines for expanding product range based on innovations developed by employees and to launch the production of new asynchronous traction motors for electric passenger coaches and improving asynchronous traction motors for metro coaches. The implementation of the Project will secure higher quality of products, diversify product range, strengthening the competitiveness of the company and to raise the value of products and it could cause new export markets in future.

As a result of the Project will be modernization and expansion of production including development of new products.




The Board