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International Internet Magazine. Baltic States news & analytics Wednesday, 27.05.2020, 12:00

SEB loans EUR 10 mln to Intersurgical for warehouse construction in Lithuania's Pabrade

BC, Vilnius, 27.02.2019.Print version
EB Bankas is providing a 10-million-euro loan to Intersurgical to help the international medical device manufacturer finance its 22-million-euro project for building a new disposable breathing system warehouse in the eastern Lithuanian town of Pabrade, reported LETA/BNS.

The automated warehouse with a storage capacity of more than 50,000 pallets will be the largest of its kind in the Baltic countries. 

"There are no fully-automated warehouses of this size in Lithuania yet. Therefore, the Intersurgical warehouse will be the first structure of this automation level in the country and the most modern one in the Baltic states," Vilius Juzikis, head of corporate banking at SEB Lithuania, said.

Intersurgical CEO Sigitas Zvirblis said the warehouse is necessary for it to become the group's main logistics hub. The company exports around 99% of its products to EU markets, the United States, Japan, Asia and Africa. 

In addition to the Pabrade expansion project, Intersurgical is launching construction on a new production facility in Visaginas, another town in eastern Lithuania, with plans to invest over 8 million euros in the plant. SEB has issued a 5-mln euro leasing facility for the acquisition of equipment for the new factory. 

Intersurgical also plans to build a new R&D center, worth up to 12 mln euros, in Vilnius' Visoriai Information Technology Park (VITP), with the project expected to create up to 100 new jobs within three years. 

Intersurgical, which manufactures products for airway management, anesthesia, critical care, and oxygen and aerosol therapy, posted 100 mln euros in revenue for 2017. Its net profit dropped by 25.4% to 5.1 mln euros. 

The group, which is 100% owned by Liechtenstein-registered Intersurgical, has a subsidiary company in Russia and a representative office in Poland.

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