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International Internet Magazine. Baltic States news & analytics Monday, 23.10.2017, 22:05

VMG from Lithuania decides against investment in Russia

BC, Vilnius, 11.09.2017.Print version
Vakaru Medienos Grupe (VMG), one of Lithuania's largest wood processing and furniture production groups, has opted out of the risky investment in Russia, however, is looking for acquisitions in countries with lower timber prices than in Lithuania, Verslo Zinios business daily said on September 11th, cites LETA/BNS.

At a meeting with VMG executives in June, Russia's Briansk region Governor Alexander Bogomaz discussed the possibility of funding the Briansk plywood plant, however, the company's CEO Viktoras Adomaitis says the group decided not to make the investment after studying the situation.

 

"Yes, we had met with the governor, as we were interested in acquisitions and brought our attention to the company up for bankruptcy. We decided that buying it would be too risky," said Adomaitis.

 

VMG owns four companies in Belarus where it built a 100-million-euro production complex in Mogilev together with the SBA concern in 2013.

 

VMG is operated by Sigitas Paulauskas and Viktoras Adomaitis via Cyprus-registered VMG Holdings and directly.






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