Title: Light Guide Optics International to Invest €33 Million in Latvia, Boosting Production and Job Market
article copy
In a significant boost for the Latvian economy, optics manufacturer Light Guide Optics International has revealed plans to invest €33 million in its Livani production facility, creating at least 35 new jobs. This will be the largest investment project in the Latgale Special Economic Zone (SEZ) to date.
The company’s €33 million investment will be facilitated through a project called "Increase in Optical Fibre Production Capacity" by 2030. This involves constructing a new production building adjacent to existing structures and acquiring and installing new optical fibre drawing towers.
This substantial investment comes amidst a surge in demand for the company’s products, particularly its advanced medical catheters, as minimally invasive medical procedures are increasingly adopted worldwide due to their superior outcomes.
Light Guide Optics International, a global leader in silicon dioxide optical fibre and fibre optic component design and manufacture, produces state-of-the-art energy-guiding fibre for use in non-invasive medical instruments and fibre-optic diffusers, which are then used by various industries and scientific institutions globally. With a near-total export rate of 99.9%, the company’s primary markets are Israel, Italy, USA, France, Ireland, Germany, Singapore, and Austria.
Last year, the company also embarked on a €24.5 million investment project to adapt its facilities to support its production processes and ensure compliance with medical product manufacturing standards. This included purchasing new machinery.
In 2022, Light Guide Optics International reported a turnover of €53.7 million, a 1.3% increase from the previous year. However, net profit decreased by 19.5% to €18.474 million.
The upcoming investment, coupled with the company’s robust global demand and export-oriented strategy, underscores Latvia’s appeal as an investment destination for high-tech manufacturing.
SEO Keywords: Light Guide Optics International, Livani, Latvia, investment, optical fibre, medical catheters, global demand, export, job creation, Latgale SEZ, manufacturing.
