Agriculture, Legislation, Lithuania, Markets and Companies, Mergers and take-overs

Auga Group, which is indirectly controlled by Lithuanian businessman Kestutis Juscius, said in a stock exchange release on Tuesday that it had signed an agreement to purchase 100 percent of shares in Arginta Engineering, with the deal to be closed after obtaining clearance from the Lithuanian Competition Council.

Arginta Engineering manufactures prototype equipment, transformer components, conveyor and lifting equipment, and machinery for the paper, energy and agricultural industries, with 98 percent of its products exported to foreign countries.

The Vilnius-based company last year posted 12.5 million euros in revenue and 0.7 million euros in EBITDA. It employs a workforce of over 170 people.

Auga Group's shares are quoted on the Nasdaq Vilnius Stock Exchange and on the Warsaw Stock Exchange.