In July 2023, CLT Profi became the major shareholder of the mass timber production factory “Cross Timber Systems” in Jelgava, thus accomplishing one of its future business development goals. The factory’s total production space covers 10,000 m2, and over 60 employees work there.
“Interest and demand for more environmentally friendly construction materials continue growing worldwide. The Baltic states, with the timber resources and woodworking knowledge accumulated over decades, are strong players in the industry market. The acquisition of the factory is a carefully thought-out step to continue the company’s growth and strengthen its competitiveness in export markets. Becoming the major shareholder of “Cross Timber Systems,” we will fully take over the factory’s operation and take care of the well-being of its employees. CLT Profi will maintain 100% production volume, and this year, we also plan to invest in upgrading the factory,” said Andris Dlohi, Board Member at CLT Profi.
The M&A transaction was advised by the audit and business consulting company KPMG Baltics, and “BluOr Bank” provided the necessary security for the transaction.
About CLT Profi
CLT Profi is Latvia’s most significant mass timber exporter, selling 99% of its products abroad. The company mainly designs, supplies, and installs solid wood or cross-laminated timber (CLT) materials for multi-story residential and public buildings in the Netherlands, Belgium, and Scandinavian countries. There is also a small production of private houses, primarily exported to Norway and Iceland.
