SEB grants EUR 5.5 million to glass coatings manufacturer GroGlass

SEB banka has provided the glass coating manufacturer SIA GroGlass with financing totalling EUR 5.5 million, including more than EUR 2.5 million to increase production capacity and efficiency and EUR 3 million in working capital financing to ensure the company’s financial flexibility. The investments will primarily be used for the company's market expansion and the development of new products.

The company's long-term goal is to continue to develop new products and expand into new sales markets. GroGlass products are currently exported to more than 45 countries worldwide, including the USA, Germany, Switzerland, the Netherlands, France, the UK, etc. The company pays special attention to research and development (R&D) and collaborates with a number of universities and research centres to develop and manufacture products with high added value. 

“The development of new products in our market segment can take between one and seven years, including the research, development and test production phases. We are pleased that SEB banka is prepared to support us in the long-term implementation of the measures in our strategic plan. It is important to point out our 6-year co-operation with SEB banka, during which we have not only maintained our market position, but also found new opportunities for growth and development. We have been able to prove that GroGlass is not a "short-term player", but a flexible company that has managed to follow the path of sustainability, innovation and competitiveness through smart investments,” says Sergejs Kostjučenko, Chairman of the Board of GroGlass SIA. 

“GroGlass' recipe for success consists of two key components: Investment in research and development and an export-orientated growth strategy. We are confident that by continuing to invest in expanding production capacity and improving efficiency, the company will be able to further strengthen its position in export markets and thus contribute to the Latvian economy. "GroGlass is also one of the Latvian companies that have expressed interest in factoring financing this year. We see a growing trend in this area, as SEB banka's factoring portfolio grew by 21% in the first quarter of this year - this shows that companies are striving to improve their financial flexibility and thus their competitiveness,” says Ints Krasts, a member of the Board of SEB banka. 

GroGlass’ special glass coatings ensure minimal glass glare and protection from the negative effects of UV rays. Groglass products are widely used in the framing of artworks, museum display cases, retail refrigerated display cases and a variety of other applications requiring the highest quality and clarity in glass and acrylic products.