Algol Chemicals celebrates 20 years in Latvia
Algol Latvia’s first deal, signed in September of the same year, was for the delivery of 8 metric tonnes of Omya’s product Myanit 20 to the company’s landlord Latvijas Krāsas, later Baltic Color (Tikkurila Group).
The company’s activities started slowly. In 1995 there were no computers. The first mobile phones came from Ericsson. International faxes could be sent from Lattelecom’s communications centre on Dzirnavu street at the price of LVL 1.21 (about EUR 1.73) for one A4 page.
By 1997, however, the business was already five times bigger than in the previous year. At the end of the year Algol Latvia SIA had nine employees. Its biggest customer was Olainfarm, one of the leading pharmaceutical companies in Latvia.
Alvils Brants was appointed managing director on 1 November 2001. Net sales had reached LVL 1.5 million (about EUR 2.1 million). In 2002 the company joined the Responsible Care programme and was granted ISO 9000 certification. Algol Latvia was one of the first chemical distributors in Latvia to have a locally certified quality management system.
In June 2003 Algol Latvia SIA was renamed Algol Chemicals SIA. This was a corporate decision to prioritize and separate the chemical business from the pharma business. The new name also gave a clear message about the focus of the business.
In 2008 the company moved to new office and warehouse premises at Beweship’s newly built terminal together with Algol Pharma. At the same time the country experienced record high inflation of 17.5 percent in April, one of the first signs of the recession that would become a global crisis. Some major customers began delaying payments. In 2009 the effects of the banking crisis were felt strongly.
In 2013 Alexander Bargum was appointed chairman of the board. A year later Latvia adopted the euro.
This year Latvia is holding the Presidency of the Council of the European Union and Algol Chemicals in Latvia is celebrating its 20th anniversary. These have been very dynamic and rewarding years for us. We thank all of our customers and partners for your cooperation over the past two decades!