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International Internet Magazine. Baltic States news & analytics Wednesday, 17.10.2018, 04:24

Lithuania's wood industry group VMG set to invest EUR 180 mln in Akmene

BC, Vilnius, 08.02.2018.Print version
Vakaru Medienos Grupe (VMG), one of the largest wood and furniture groups in the Baltics, is set to invest 180 million euros in the northern Lithuanian district of Akmene, with plans to build a new particle board factory by 2020 and a new furniture production facility at a later stage, the district's mayor said, cites LETA/BNS.

Vitalijus Mitrofanovas told BNS that around 400 new jobs would be created in total, including some 150 at the initial stage.

 

"They are planning initial investment in a particle board factory, thus creating around 150 jobs. Their total planned investment on this plot of land (on the Akmene free economic area) would amount to some 180 million euros by 2022. The board factory should start operating in the first quarter of 2020," he said.

 

The mayor said that another 250 new jobs would be created at VMG's new furniture production facility to be built at a later stage.

 

Sigitas Paulauskas, chairman of the management board at VMG, confirmed to BNS that the group intended to invest in the district of Akmene, but he did not elaborate on these plans.

 

VMG, which sells the bulk of its products to Sweden's Ikea, posted 16.403 million euros in consolidated net profits for 2016, up 7.3% from 15.289 million euros in 2015, as consolidated revenue increased by 6.1% to 144.894 million euros.






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