SIA Kronospan Riga, a subsidiary of the Austrian-based wood-based panel manufacturer Kronospan Group, has acquired KS Terminal Ltd, the fourth largest cargo terminal at the Port of Riga.

With this acquisition, completed in early July, Kronospan now holds 100% ownership of KS Terminal Ltd.

At the end of July,  the company’s cargo vessel Spanaco Adventure arrived at the terminal to load wood-based panels produced at Kronospan Riga. The vessel, carrying 40,000 m³ of particleboard, set sail for the ports of Baltimore and Houston, marking its first shipment since the acquisition.

The Port of Riga said that Spanaco Adventure will conduct regular cargo transport from the port to the US, delivering Kronospan Riga’s products to the American market.

“The entry of a major global player such as Kronospan Group into the service providing business of the Port of Riga is undoubtedly a very positive factor. For KS Terminal and the port as a whole, it provides a more stable cargo base and a more secure outlook for the future. At the same time, closing the Kronospan deal signals to other foreign investors that the business environment and investment conditions in the Port of Riga are favourable, secure and suitable for long-term projects,” said Ansis Zeltiņš, the Freeport of Riga CEO.

Vivita Vāvere-Ozola, Member of the Board of Kronospan Riga and KS Terminal, said that the acquisition of the terminal aims to ensure the export of Kronospan’s products to the US, UK and Scandinavian countries, to ensure the unloading and delivery of raw materials for the factory, as well as to attract new customers and cargo to the terminal to maximise its potential. In parallel, an investment plan is being developed to secure and modernise the handling of various bulk cargo and other types of timber.

KS Terminal is the fourth largest cargo terminal in the Port of Riga in terms of cargo turnover. In the first half of this year, the terminal handled 0.67 million tonnes of various cargo, which accounted for 7.6% of the port’s total cargo turnover. KS Terminal is a multi-purpose terminal providing various bulk and general cargo handling services. The largest cargo groups handled are timber, agricultural bulk cargo, chemical bulk cargo and stone rubble. Timber accounts for around one-third of the terminal’s total cargo volumes and this cargo group has seen a significant increase in transhipment volumes over the last six months.

SIA Kronospan Riga, a subsidiary of the Austrian-based wood-based panel manufacturer Kronospan Group, has acquired KS Terminal Ltd, the fourth largest cargo terminal at the Port of Riga.

With this acquisition, completed in early July, Kronospan now holds 100% ownership of KS Terminal Ltd.

At the end of July,  the company’s cargo vessel Spanaco Adventure arrived at the terminal to load wood-based panels produced at Kronospan Riga. The vessel, carrying 40,000 m³ of particleboard, set sail for the ports of Baltimore and Houston, marking its first shipment since the acquisition.

The Port of Riga said that Spanaco Adventure will conduct regular cargo transport from the port to the US, delivering Kronospan Riga’s products to the American market.

“The entry of a major global player such as Kronospan Group into the service providing business of the Port of Riga is undoubtedly a very positive factor. For KS Terminal and the port as a whole, it provides a more stable cargo base and a more secure outlook for the future. At the same time, closing the Kronospan deal signals to other foreign investors that the business environment and investment conditions in the Port of Riga are favourable, secure and suitable for long-term projects,” said Ansis Zeltiņš, the Freeport of Riga CEO.

Vivita Vāvere-Ozola, Member of the Board of Kronospan Riga and KS Terminal, said that the acquisition of the terminal aims to ensure the export of Kronospan’s products to the US, UK and Scandinavian countries, to ensure the unloading and delivery of raw materials for the factory, as well as to attract new customers and cargo to the terminal to maximise its potential. In parallel, an investment plan is being developed to secure and modernise the handling of various bulk cargo and other types of timber.

KS Terminal is the fourth largest cargo terminal in the Port of Riga in terms of cargo turnover. In the first half of this year, the terminal handled 0.67 million tonnes of various cargo, which accounted for 7.6% of the port’s total cargo turnover. KS Terminal is a multi-purpose terminal providing various bulk and general cargo handling services. The largest cargo groups handled are timber, agricultural bulk cargo, chemical bulk cargo and stone rubble. Timber accounts for around one-third of the terminal’s total cargo volumes and this cargo group has seen a significant increase in transhipment volumes over the last six months.