HS Timber Group Acquires Latvian Wood Processing Company Kurekss

On Tuesday, Austria-based HS Timber Group announced that it has acquired 100% of the shares of Latvian wood processing company Kurekss SIA from previous shareholders Jānis and Arnis Apsītis. The transaction also includes the pellet manufacturer Kurzemes Granulas SIA.

The transaction is subject to approval by the competition authorities. The parties have agreed to keep the terms of the transaction confidential.

Earlier in January, HS Timber Group acquired Latvian wood processing company Vika Wood SIA, marking a significant step in HS Timber Group’s expansion in the Baltic region.

With an annual production capacity of 250,000 m³ of kiln-dried sawn timber and 150 skilled employees, Kurekss stands as one of the largest sawmills in the region. The well-established brands Kurekss and Kurzemes Granulas will remain, and the existing management team will continue to run the operations.

In a statement, HS Timber Group CEO Juergen Bergner said:

“Kurekss is a fantastic addition to our international portfolio of sustainably operated sawmills. Its experienced team and exceptional market reputation will contribute to the economic success of our group.”

Jānis Apsītis added:

“In today’s challenging wood business environment Kurekss SIA is excited to join the HS Timber Group—one of the top European players. With the clear vision of growth and excellent market knowledge, HS offers great potential for further development. The management of Kurekss is committed to explore and utilize synergies being a part of the HS Timber Group.”