After the recent acquisition of the Latvian sawmill Vika Wood, the HS Timber Group has now acquired another sawmill in the Baltics: Kurekss. The transaction is still subject to approval by the competition authorities. Both parties have agreed not to disclose the terms of the transaction. Following the takeover of Vika Wood in January 2025, this acquisition marks another important step in HS Timber Group’s expansion in the Baltic region.
“Kurekss is an excellent addition to our international portfolio of sustainably operated sawmills. The mill’s experienced team and excellent reputation in the market will contribute to the economic success of our group,” Jürgen Bergner, CEO of the HS Timber Group, commented.
Kurekss was established in 1995 and is considered one of the leading sawmills in the Baltics. The company also operates the pellet mill Kurzemes Granulas SIA, which is part of the acquisition as well. “In today’s challenging business environment in the timber industry, Kurekss is excited to become part of the HS Timber Group, one of the leading European wood processing companies. With the clear vision of growth and exceptional market knowledge of the HS Timber Group, there is great potential for further development. The management and team at Kurekss are committed to making the most of the synergies that arise from being part of the HS Timber Group,” Jānis Apsītis, previous co-owner of Kurekss SIA, said about the transaction.
Kurekss sources its raw material from responsibly managed forests, which is in line with HS Timber Group’s sustainability standards. With an annual production capacity of 250,000 m³ of kiln-dried lumber and 150 skilled employees, Kurekss is one of the largest sawmills in the region. The well-established brands Kurekss and Kurzemes Granulas will remain, and the existing management team will continue to run sawmill operations. Kurekss specializes in high-quality coniferous timber products and supplies customers in Europe, North America, Asia, and North Africa, which will further strengthen HS Timber Group’s position.
The takeover of Kurekss and Kurzemes Granulas as well as Vika Wood reflects HS Timber Group’s commitment to long-term, sustainable growth, driven by a vision of continuous and sustainable further development in wood processing, the group informs.
The acquisition of the two Latvian sawmills increases the group-wide production capacity to 2.6 million m³ a year. For 2024, the HS Timber Group announced a target lumber production output of 2.05 million m³, thus increasing the total production capacity by 27% within just a few weeks. This would make the Austrian group Europe’s fifth largest softwood lumber producer, overtaking Norwegian timber company Moelven.
