The Austrian HS Timber Group has signed an agreement to acquire 100% of the shares in the Latvian wood processing company Kurekss SIA from the previous shareholders, Jānis and Arnis Apsītis. The transaction is subject to approval by the competition authorities.
Both parties have agreed to keep the terms of the transaction confidential. “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,” said Juergen Bergner, CEO of HS Timber Group.
Established in 1995, Kurekss is recognized as one of the leading sawmills in the Baltic region. It also owns and operates the pellet manufacturer Kurzemes Granulas SIA, which is a part of the acquisition as well.
Kurekss sources its raw materials from responsibly managed forests, aligning with HS Timber Group’s sustainability standards. 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 very well-established brands Kurekss and Kurzemes Granulas will remain, and the existing management team will continue to run the operations.
Specialized in high-quality coniferous timber products, Kurekss supplies clients in Europe, North America, Asia, and North Africa, which further strengthens HS Timber Group’s position as one of the largest European wood processing companies.
After having acquired the Latvian wood processing company Vika Wood SIA in January 2025 this acquisition marks a significant next step in HS Timber Group's expansion in the Baltic region.
