Luminor has granted almost 500 thousand euros to SIA Torgy Baltic

The company manufactures metal structures and components. SIA Torgy Baltic has been operating in Latvia for 17 years and manufactures metal products for oil and gas infrastructure according to the orders of its parent company Torgy Mek. Industri AS (Norway) and sister company Torgy Atlantic Ltd (UK).

“Most of our products are exported to the group’s customers, oil and gas exploration and production companies, as well as to companies supplying materials and solutions to the industry worldwide. At the same time, we are developing our metalworking services in the local market and this year we have received and fulfilled several orders from companies in Latvia. Given that some of the equipment we have has been in use for around 15 years and has reached the end of its useful life, the loan from Luminor will help us to purchase new laser cutting equipment to support our future operations. Thanks to this opportunity, the company will have a top-quality BySmart Fiber 3015 from the Swiss company Bystronic. It will provide extremely precise processing of metal materials, and with its 10 KW laser it can cut metal sheets up to 30 mm thick and weighing up to one tonne," says Akops Aleksanjans, Head of SIA Torgy Baltic.

The company has state-of-the-art production equipment, an IT infrastructure tailored to its needs, and rents extensive production, warehouse, and office space. The annually renewed ISO 9001 international quality certificate confirms that the company ensures high quality standards in management, production processes, and products.

“Torgy Baltic’s revenues are influenced by orders from affiliated companies, which depend to a large extent on the willingness and ability of companies in the oil and gas industry to invest in the construction and improvement of new or existing infrastructure facilities. As part of the Torgy Group, the company has become recognised by its customers as a professional and responsible manufacturer of quality products, and we hope that the bank’s financing will help the company to achieve its strategic goals and continue its growth," says Ilze Zoltnere, Head of Corporate Banking at Luminor in Latvia.

The services and products provided by SIA Torgy Baltic are specific, so the risk of competition in the local market is not significant.