On December 21, leading Latvian industrial manufacturer Forta PRO and SAMSUNG C&T of South Korea joined forces to become a leading global modular construction company, marking ambitious development plans both in Latvia and overseas.
"This is an example of how a relatively small company can establish successful cooperation with world-class market players at the global level. Forta PRO cooperation with SAMSUNG C&T will certainly open up wider opportunities for other companies as well," said Kaspars Rožkalns, Director General at the Investment and Development Agency of Latvia.
The decision of investment and business collaboration is the result of the long-term and trustful work of both companies with the main intention to scale and advance modular construction technology. This collaboration marks an important step to combine and merge two companies' industrial know-how and experience that can turn around conventional construction market practices in Latvia and beyond. By combining the export flows of the two companies, it will be possible to substantially increase production capacities in Latvia, boost the added value of exported products and expand the international reach of the business. This will significantly impact job creation in Latvia, the exchange of technological know-how and knowledge, as well as automation of construction processes, and will serve as an important signal to the international investor community.
The companies are planning to launch and operate modular construction factories worldwide, which will increase the presence of highly value-added Latvian knowledge-based production in the global construction markets.
The inflow of technological know-how from such an advanced counterpart is unique on the Latvian industrial scene and will allow to leverage on the possibilities offered by the latest world technologies. Forta PRO plans to develop existing and innovative products that will contribute to the advancement of the construction industry in Latvia.
SAMSUNG C&T's entry into the Latvian market will take place through investment in Forta PRO, however, we see potential opportunities by expanding cooperation with the Forta PRO and by coordinating this cooperation with Latvian state institutions to find ways to increase SAMSUNG C&T's contribution to the Latvian economy.
Forta PRO is a Latvian-based modular construction company focusing on export markets and specializing in the construction of high-rise, large-scale modular buildings with production facilities located in Jelgava and Ventspils, employing 400 people. Completed projects by Forta PRO have received awards and recognition of excellence at several internationally recognized construction industry competitions.
SAMSUNG C&T Engineering & Construction Group is engaged in residential, office, industrial building; infrastructure, and power plant construction with a total turnover of USD 10 billion (in the year 2021), 5500 employees. SAMSUNG C&T has an impressive track record of realized projects around the world, most notable projects include skyscrapers, including the 828-metre Burj Khalifa in Dubai, the Petronas Towers in Malaysia. Some of his more notable civil projects include the Mersey Gateway in the United Kingdom, the Riyadh Metro in Saudi Arabia and Busan Newport in South Korea.