The PET bottle recycling company JSC (AS) ITERUM, a part of the largest environmental resource management and recycling group in the Baltics, AS Eco Baltia, has made changes to its Management Board. Liene Upeniece, an experienced financial and strategic management professional, has joined the Board and take over the responsibilities of the outgoing Board member and Chief Financial Officer, Matīss Leitis.

The changes entered into force on 6^th May 2025. The Management Board of ITERUM continues to be chaired by Jūlija Zandersone, with Jekaterina Vasiļjeva, Andris Ābele and Liene Upeniece as Board members.

Jūlija Zandersone, Chairwoman of the ITERUM Management Board: "With the European Union moving towards a circular economy, the importance of recycling will only increase in the coming years. For this reason, we must continue to consistently pursue our objectives, strengthening our position in the polymer recycling sector. We are confident that the addition of the new Board member will ensure the continuity of ITERUM's strategic development, while strengthening the company's competitiveness and position for sustainable growth in the market." 

Liene Upeniece brings more than 25 years of international experience in financial management, budget planning, audit and tax administration, investment analysis, mergers and acquisitions (M&A) transactions, as well as strategic and operational management. She will take over the responsibilities previously held by the outgoing board member, which include overseeing financial management, maintaining banking relationships, planning budgets, and contributing to other strategic areas.

"We are grateful to current member of the Board and CFO, Matīss Leitis, for his contributions to the financial management and overall development of ITERUM. Despite the challenges posed by the geopolitical landscape and its impact on recycling markets, we have implemented major growth projects in recent years. These include the launch of a new PET recycling plant - one of the largest in Northern Europe - and the unveiling of ITERUM's refreshed brand identity. We will continue on this path with a renewed team and an unwavering commitment to the advancement of the industry,” says Ms Zandersone.

Matīss Leitis has served on the company's Management Board since 30 November 2022 and as Chief Financial Officer since 1 January 2022. He joined the team of Eco Baltia Group in August 2018. During this time, Mr Leitis has made a significant contribution to the financial management of the company and to ITERUM's sustainable growth objectives.

About ITERUM

ITERUM is one of the largest polyethylene terephthalate (PET) recyclers in Northern Europe and the largest PET recycler in the Baltic region. It is owned by the environmental resource management group Eco Baltia.

ITERUM recycles used PET bottles and is the industry leader in the Baltic States. The recycling portfolio includes high-quality PET flakes and pellets (including those suitable for food packaging), almost 100% of which are exported.

About Eco Baltia Group: 

Eco Baltia is the largest environmental resource management and recycling group in the Baltics, providing a complete waste management cycle, from waste collection and sorting, through recycled materials logistics and wholesale, to recycling of recycled materials, including PET and PE/PP plastics, as well as PET fibre production. Eco Baltia closed 2023 with a record consolidated turnover of EUR 218.4 million, by 4% more than in 2022. Eco Baltia's total consolidated revenues (pro forma) in 2023 amounted to EUR 242.5 million. 

The Group currently employs more than 2,600 people in Latvia, Lithuania, Poland and the Czech Republic. The main subsidiaries managed by the Group are ITERUM, Nordic Plast, Eco Baltia vide, Latvijas Zaļais punkts, JUMIS in Sigulda, Ecoservice Group in Lithuania, TESIL Fibres in the Czech Republic and Metal Plast in Poland, and from October 2024 Oil Recovery (Eko Osta until 28 December 2024) in Latvia. 

Eco Baltia's shareholders are private equity fund INVL Baltic Sea Growth Fund (52.81% through UAB BSGF Salvus), the European Bank for Reconstruction and Development (30.51%) and Māris Simanovičs (15.93% through SIA Enrial Holdings and 0.75% through Penvi Investment Ltd).