Riga, 2018-12-03 11:31 CET (GLOBE NEWSWIRE) --
· Electronic system development and manufacturing company HansaMatrix gets EUR 10 million financing from the EIB, backed by the Juncker Plan.
· This is the first financing for a private company in Latvia with support under the European Fund for Strategic Investments (EFSI), the heart of the Juncker Plan.
· Funding will support HansaMatrix’ investment plan, meant to expand manufacturing capacity and boost research, development and innovation to develop its services.
The EIB has signed a EUR 10 million financing agreement with AS HansaMatrix of Latvia, to expand its manufacturing capacity and build a more all-round business model. The facility is made possible by the European Fund for Strategic Investments (EFSI), the core of the Investment Plan for Europe, and was supported in the initial stages by Latvian investment agency ALTUM.
The financing will support HansaMatrix’ ongoing growth strategy and the ongoing shift from manufacturing towards offering a full range of services, including value added design, engineering and aftermarket services. The financing will also help the company boost its research and development activities, as well as advance its “LightSpace Technologies” 3D-image display technology. All investments will be located in Latvia, at the company's existing sites near Riga, Pārogre and Ventspils.
EIB’s Vice President Alexander Stubb commented: “Today is a great day as we’re financing the first private sector project in Latvia with the support of the Juncker Plan, which I also think is a great signal about - and towards - the market. For the Bank, innovation has been a top priority for some time now, and it’s great to see yet another example of cutting-edge technology business coming from a Baltic country.”
European Commission Vice-President Valdis Dombrovskis said: "I'm pleased to see that the financing under the Juncker Plan is going now also to the private companies of the manufacturing sector. I hope that more Latvian companies follow the same example soon, as the Juncker Plan represents an opportunity for businesses to get access to much needed finance, launch new products and expand beyond their local markets."
HansaMatrix CEO Ilmars Osmanis added: “Our long voyage with the EIB team reaches completion today with this excellent event – the signing of a financing agreement. We are proud to be recognized by the EIB for being innovative and worthwhile to invest in. The results that made this possible are due to the motivated work of the whole HansaMatrix team, with a contribution from every team member. And I wish today to say thank you to every single HansaMatrix employee.”
Latvia currently ranks sixth in the EU in terms of investments triggered by the EFSI relative to GDP, with already a number of deals signed with financial intermediaries or public bodies. This investment is the first EFSI financing to a corporate company in the country.
The investment project is expected to contribute to the further development of Latvian industrial sector and the creation of skilled jobs. As the EIB financing can only cover up to 50% of any project, the funding is to be complemented with AS HansaMatrix own capital, commercial bank lending and EU funds grants.
Contact for investors:
Māris Macijevskis, CFA
Member of the Management Board, Finance director
Phone: (+371) 6780 0002
The European Investment Bank (EIB) is the long-term lending institution of the European Union owned by its Member States. It makes long-term finance available for sound investment in order to contribute towards EU policy goals. In the last five years, the EIB has provided over EUR 460 million euros in financing to Latvian projects, including the Tram in Riga and the University of Latvia.
HansaMatrix is a Latvian electronics manufacturing company active in the engineering and electronics sectors. The company designs, produces and assembles electronic printed circuit boards (PCB's) and other electronic components for data networks, industrial products, Internet of Things (IoT) appliances and other applications. HansaMatrix is based in Riga, Ogre and Ventspils in Latvia and serves European business customers, mostly in the Baltics and Northern Europe.
The Investment Plan for Europe focuses on strengthening European investments to create jobs and growth. It does so by making smarter use of new and existing financial resources, removing obstacles to investment, and providing visibility and technical assistance to investment projects. The European Fund for Strategic Investments (EFSI) is the central pillar of the Juncker Plan. So far, the projects and agreements approved for financing under the EFSI are expected to mobilise over EUR 360 billion in investments in Europe, including EUR 960 million in Latvia, and support around 850,000 SMEs across all 28 Member States, including 7,300 in Latvia. Find the latest EFSI figures by sector and by country here, or see the FAQs.
ALTUM is the European Investment Bank’s (EIB) consultation point in Latvia, aiming to help and advise companies in getting EIB-support benefiting from the European Fund for Strategic Investments. ALTUM supports Latvian project promoters in the initial stages, before application submission to the EIB. ALTUM is happy that an innovative company, producing goods with high added value, such as HansaMatrix, has got the opportunity to receive financing from the EIB, which will help it grow and develop.
European Commission: Sophie Dupin de Saint-Cyr, +32 460 76 43 07, firstname.lastname@example.org
HansaMatrix : Zanda Lapāne, email@example.com, +371 200 77770
ALTUM: Lija Vītoliņa, Lija.Vitolina@altum.lv, +371 265 162 50