ISP Optics Latvia invests over €438 000 in new equipment

May 20, 2023

ISP Optics Latvia has agreed with Swedbank to invest more than 438 thousand euros in new production equipment that will allow the company to expand its optical lens production activities by providing advanced coating technologies and will also reduce the negative environmental impact of production.

The acquisition of new coating equipment will not only increase production capacity but will also allow offering a more diverse range of coating products. This means that there will be no need to send products to the USA or China for post-processing, but everything can be done right here in Latvia. On-site post-processing will also reduce the environmental impact of the production process and indirectly help reduce emissions from international aviation.

The company will be able to use the savings from the post-treatment process for further development. As the entire production process will be carried out in Latvia, it is expected that this will also contribute to an increase in orders, as it will ensure that the products produced fully comply with the quality requirements of the European Union.

Ēriks Bediķis, head of ISP Optics Latvia, explains that he chose Swedbank for the loan not only because the offer was more favorable financially, but also because he appreciates the long-term cooperation with the bank, the responsiveness of the specialists, their promptness in solving various everyday issues, and their readiness to offer new, advantageous solutions for financing the purchase of new equipment and improving cash flow. “In the context of the planned increase in production capacity, the acquisition of assets is also planned for the next financial year, which is why cooperation with Swedbank as a stable and reliable financial partner is essential for the company,” he states.

ISP Optics Latvia has been operating in Latvia for 32 years and is owned by ISP Optics Corporation, a company registered in the USA, which owns 100% of the company’s share capital. The parent company is 100% owned by LightPath Technologies Inc., a US registered public company. 85% of its production is exported. The main export markets are the USA, Germany, Israel, Greece, the United Kingdom, France, Finland, and Lithuania.

The company currently employs 100 people in Latvia. Net turnover in the previous financial year exceeded 13 million euros, which was 25% more than in the financial year 2021.

Source: Labs of Latvia

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