French critical power supplier Schneider Electric is to build a production facility for its Latvian subsidiary Lexel Fabrika for $13m.
Lexel Fabrika manufactures electromechanical and electrical equipment for Schneider Electric’s product. It also serves the Scandinavian and German market with electronic appliances. The new plant is aimed to produce new product lines.
Lexel Fabrika had a turnover of $50m in 2013, placing the company among Latvia’s top-earning businesses. “The success factors that have been driving business growth in previous years included launch of new production lines and taking over additional production lines from other companies of the Schneider Electric group,” said Schneider Electric Latvia spokeswoman Santa Rutka.
Schneider Electric Latvian CEO Kaspars Rokens noted that the launch of the new plant’s construction is a significant investment project and asserts confidence in Latvia’s economic growth.
The construction of the new plant started in July and should be finished in the first half of 2015. Lexel Fabrika is Schneider Electric’s only producing enterprise in the Baltic States.
