Banks, Financial Services, Lithuania, Loan, Markets and Companies, Woodwork

International Internet Magazine. Baltic States news & analytics Friday, 19.04.2024, 16:24

VMG wood group takes EUR 86 mln syndicated loan

BC, Vilnius, 17.07.2020.Print version
Vakaru Medienos Grupe (VMG) from Lithuania, one of the largest wood processing and furniture production groups in the Baltics, has borrowed 86 million euros from Swedbank, Citadele and the European Bank for Reconstruction and Development (EBRD) to finance its business expansion, reports LETA/BNS.

Photo: vmg.eu

VMG and the lenders signed an agreement on an 86-million-euro business development package on Thursday. The syndicated loan consists of 36 million euros from Swedbank, 30 million euros from Citadele and 20 million euros from the EBRD, VMG said in a press release on Friday.  


The bulk of the package will go to finance the group's particleboard plant in the Naujoji Akmene free economic area in northern Lithuania, it said.  


The group is made of 16 Lithuanian and foreign companies that employ a total workforce of over 4,000 people and export more than 90 percent of their products to foreign markets. 


VMG's net profits rose by 6.5 percent last year from 2018 to 19.969 million euros as revenue jumped by 21.1 percent to 198.1 million euros. 




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