Lithuanian and Latvian cleaning product companies merge

On December 7, a merger transaction between two historical producers of cleaning products – Spodrība, AS registered in Latvia and Naujoji Ringuva, AB registered in Lithuania – was carried out, Naujoji Ringuva said in a release.

According to the counterparties, the key factor in the successful outcome of the business merger negotiations was the desire of both the partners to create a leader in the Baltic region and to lay down a strong basis for further business development in the field of cleaning products, focusing on the development of eco-friendly and innovative products.

“Spodrība is the undisputed leader in the development of eco-friendly cleaning products in Latvia, but regional leadership can be achieved more quickly by joining forces with other players in the region. We believe that Naujoji Ringuva is the best partner for this purpose,” Fridrik Ingi Fridriksson, Chairman of Spodrība, was quoted.

Spodrība was established in 1921. It develops home cleaning and body care, garden care and professional cleaning products in line with the eco-friendliness strategy. The company develops the following brands: Seal, Eco, Kastanis, VITO, etc. In 2020, the company’s turnover exceeded EUR 8.2 million, and EBITDA – EUR 3 million.

Naujoji Ringuva was established in 1920. It develops and manufactures home cleaning and body care products, with priority to eco-friendliness, naturalness, and innovation. The company develops the following brands: BALANCE, RINGUVA, SMILE, TINDI. In 2020, the company’s turnover exceeded EUR 5 million, and EBITDA – EUR 1.2 million.

Source: eng.lsm.lv