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Saturday, 20.04.2024, 05:23
Grigeo paper maker to sell part of business to Germany's Homanit Holding
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Grigeo said via the Nasdaq Vilnius stock exchange on Thursday it had signed a protocol of intentions with the German company on sales of a 100-percent stake in its subsidiary Grigeo Baltwood.
Under the agreement, Homanit Holding is to invest 65 million euros in Lithuania in 18 months, increase the headcount at Grigeo Baltwood by a factor of 2.5 and more than quadruple the production volume.
Homanit Holding is part of the Homann Holzwerkstoffe Group, with staff of about 1,500 people. In 2016, the company posted 225 million euros in turnover, while EBITDA was about 33 million euros.
Grigeo Baltwood has 140 people on its payroll, the annual production volume is about 23 million square meters. The company exports 80% of its output to countries of the European Union (EU). Its projected 2017 turnover is 17 million euros.
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