Austria-headed wood processing major HS Timber Group has announced that it has signed an agreement to acquire 100 percent of the shares in the Latvian wood processing company Kurekss SIA from the current shareholders, Jānis and Arnis Apsītis.
Along with Vika Wood, this acquisition marks a significant next step in HS Timber Group’s expansion in the Baltic region.
Both parties have agreed to keep the terms of the transaction, which is subject to approval by the competition authorities, confidential.
Kurekss is a fantastic addition to our international portfolio of sustainably operated sawmills. It’s experienced team and exceptional market reputation will contribute to the economic success of our group, said Jürgen Bergner, CEO of HS Timber Group.
Sawmill and pellet production
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.
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 exploring and utilizing synergies, being a part of the HS Timber Group, commented Jānis Apsītis.
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.
At the beginning of January 2025, HS Timber Group announced an agreement to acquire Vika Wood SIA, another Latvian sawmill, reinforcing the company’s robust growth trajectory.
The acquisition of Kurekss SIA and Kurzemes Granulas SIA is a demonstration of HS Timber Group’s ongoing commitment to long-term, sustainable growth, driven by a vision of continuous innovation in wood processing.
