Valmieras stikla šķiedra JSC receives award for "Top 500 Companies of the Region in 2015"

10. November, 2016

For the second time Valmieras stikla šķiedra JSC has received the award of "Top 500 Companies of the Region in 2015" and has ranked among the TOP 50 Latvian companies by net turnover at the award ceremony of TOP 500 largest and most successful companies in Latvia. Over the last 5 years the company has raised its ranking in the TOP by 28 positions, while in the textile industry Valmieras stikla šķiedra JSC is the undisputed leader, last year having reached 121 million euro in consolidated net turnover. The company is not only the largest company in Vidzeme by net turnover in 2015, but also the largest employer in the region, with average employment of 986 people in 2015.

This year, in the published list of TOP 500 largest companies in Latvia, Valmieras stikla šķiedra JSC has also been ranked among the TOP 50 companies with the largest long-term investments, as well as in the category of "Long-livers" the company has been ranked in the 21st place by net turnover. It should be noted that in 2014 Valmieras stikla šķiedra JSC received the award in the "TOP 500 exporter" category, and in 2013 the "TOP 500 regional company" award.

"Despite the challenges in production, our development and growth has continued this year as well, and we are planning to set a new turnover record" emphasizes Andre Schwiontek, President and Chairman of the Board of Valmieras stikla šķiedra JSC. For the company 2016 is associated with major business investments. "Two substantial long-term investment projects have been successfully completed in Valmiera in order to increase the company's production capacity, and the product assortment portfolio for the thermal insulation market has also been expanded in the Valmiera and UK production plants. Meanwhile, a 80 million expansion project is being implemented at the US production plant, which is the most important project of this and the next year in our second largest production export market. This will lead to increased production stability and advantages, as well as it will make us more powerful in competing for new markets and will enable us to meet the growing expectations of our customers, allowing us to satisfy their demand for glass fibre products, which this year has been extremely high. Looking at the development tendencies of the global glass fibre market, such levels of demand will continue", added President Schwiontek.

It must also be mentioned that in this years list of TOP 101 most valuable companies in Latvia, among several hundred competing companies, Valmieras stikla šķiedra JSC was ranked the 36th most valuable company in Latvia and the 4th most valuable in the “Processing industry: industrial goods” sector. The value of the company's business has been estimated at 124.88 million euros.

TOP 500 Largest Companies in Latvia is the yearly publication co-developed by the newspaper "Dienas Bizness" and information technology company "Lursoft IT”, which ranks the performance results of the largest Latvian companies by their previous year's net turnovers, and evaluates them from both the sector and regional perspectives. The TOP 500 yearly publication provides a development description of the economic situation and expert views on next year's economic forecasts.


Photo: Dainis Šēnbergs, Member of the Board of Valmieras stikla šķiedra JSC, receiving Dienas Bizness award in the nomination of "Top 500 Company of the Region in 2015". Photo © Mārcis Gaujenietis