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Friday, 26.04.2024, 05:55
Lithuania's wood group VMG to step up investment in Belarus, eyes US market
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"We are expanding production in Belarus and are considering investing in furniture production facilities in the United States," Viktoras Adomaitis, the group's CEO, told the paper.
"We will also have to invest in a particleboard factory by 2018 to ensure a sufficient supply of it to Klaipedos Mediena, which is part of our group. We will build that board production facility either in Lithuania or in Latvia," he said.
VMG plans to invest between 10 million and 12 million euros in construction, which is slated to begin next year, and new equipment in Mogilev. If the group wins a tender for the construction of a logistics center, it will invest a total of 60 million euros in the Belarusian city within the next couple of years.
VMG also plans to invest 18.5 million euro next year in its second Belarusian project, a sawmill and solid wood furniture factory, which is expected to be completed by the fall of 2016.
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