🇱🇻🇱🇻 Latvia | Austria’s HS Timber takes control of sawmill Kurekss
One of Latvia’s largest sawmills, SIA Kurekss, has changed ownership, according to Lursoft IT. The new shareholder is Austria’s Nextwood Two GmbH, while the ultimate beneficial owners are Marina Egera and Gerald Schweighofer of HS Timber Group.
Following the ownership change, former beneficial owners Arnis and Jānis Apsītis left the company’s board, along with their positions in subsidiary SIA Kurzemes granulas, which produces wood pellets. The new chairman is Māris Petrovskis, joined by Edgars Makarovs and Armands Tolkaņovs.
In 2024 Kurekss increased its turnover by 8.39% to €67.91 million and earned €3.21 million in net profit. The company employed 149 people and paid €1.53 million in social contributions and €0.85 million in income tax.
In October the Competition Council approved the acquisition, concluding it would not restrict competition. Nextwood Two GmbH is owned by HS Timber Group GmbH and ultimately by Evergreen Privatstiftung. HS Timber operates plants in Austria, Germany, Romania, Finland and Argentina, employing over 2,700 people.
Context:
The deal expands Austrian presence in Latvia’s wood sector, where Kronospan and HS Timber now dominate processing and export chains. It reflects continued consolidation in Baltic timber industries and a shift toward integrated European ownership.
Image: photos/photo_15@06-11-2025_19-02-00.jpg