Industra Bank Grants a Loan of 1.5 Million Euros to IKTK (ZAZA TIMBER Production) for Development


(In August, 2021, IKTK changd its name to ZAZA TIMBER Production.)

AS Industra Bank has granted a loan of 1.5 million euros to SIA IKTK, the manufacturer of large glued laminated timber structures, based in Ozolnieki municipality.

Structures manufactured by IKTK are mainly exported for construction of public buildings and bridges in other European countries; however, some structures manufactured by the company are used also in construction of concert halls, sports buildings, office and production buildings, and bridges in Latvia. Glued laminated timber structures are increasingly more often used in the modern wooden construction, as these structures can be made in large sizes, various shapes, and they stand out with high load capacity; moreover, they are made of renewable resources.

“The granted funding will help the company to develop. We are exporters, and more than three quarters of the products manufactured by IKTK are exported across the borders of Latvia. Already from the moment of establishment of the company, our aim is to be innovators and creators of higher value added, instead of being just exporters of raw material, and to reach this aim, we have made continuous investments. We will invest the new funding granted by the bank in acquisition of production equipment and refinancing of liabilities of previously made investment on more favourable conditions,” says Māris Peilāns, the Chairman of the Board of IKTK.

“We continue purposeful implementation of the new strategy of Industra, supporting medium and small businesses of the real economy of Latvia. The successful cooperation with IKTK allows us to replenish the loan portfolio of the bank and, not less important – provides an opportunity for growth of the local company and promotion of employment of residents. This is particularly topical issue in these difficult times for all of us,” underlines Raivis Kakānis, the Chairman of the Board of Industra.


IKTK manufactures up to 32 metres long curved and straight glued laminated timber structures, and also performs high precision and complexity large-format CNC processing, as well as surface treatment. The structures produced by IKTK have been used in buildings in Denmark, Norway, Sweden, Iceland, Spain, Russia, Lithuania, Latvia, USA, South Korea, the Netherlands; – in construction of transport, pedestrian and ski bridges, manufacturing, office and residential buildings, schools, sports buildings, hotels, concert halls, petrol and EV charging stations. Among the buildings in Latvia, IKTK has manufactured structures for the pedestrian bridge across the motorway near Tērvete Nature Park, roofs of the open-air concert hall “Mītava” and skating rink in Jelgava, transport bridges in Jaunpils and Ječupe, open-air stages in Penkule and Krimūnas, the office of “Latvia’s State Forests” in Dundaga, Talsi Library and other buildings, and has also produced the spherical acoustic panels of Mežaparks Large Open-Air Stage. IKTK started its operation in 2015. The company is FSC certified and employs 25 people.

AS Industra Bank is a Latvian credit institution established in 1994 with more than 20 thousand customers, and it is the sixth-largest bank in Latvia according to this indicator. In order to reflect the change of the bank’s operational strategy, the bank changed its name from Meridian Trade Bank to Industra in January 2020. Industra has been established by local entrepreneurs, and its operation is focused on providing services to small and medium companies in Latvia. Industra offers ten service centres for the convenience of customers – five centres are located in Riga, and the rest are situated outside Riga – in Daugavpils, Liepāja, Ventspils, Jelgava and Olaine.