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Saturday, 10.05.2025, 04:36
Lithuania's PET co Putoksnis set to launch EUR 3.3 mln. investment project
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Alvydas Stulpinas, Putoksnis majority shareholder and chairman of the management board, says that following the acquisition of modern equipment and the launch of new types of PET pre-forms, the Siauliai-based company will not only broaden its product range, but will also offer products that many of its competitors do not produce.
"We have developed a new product. It is a lightweight bottle that is quite competitive in the market. We plan to increase sales by 20 % this year," he told the paper.
The Lithuanian Competition Council in late December gave the green light for Stulpinas to acquire control of Putoksnis via 3 Rill, a company he indirectly controls.
Stulpinas purchased 33.3 % of shares from the venture capital fund LitCapital. Before the transaction, 3 Rill owned 46.8 % of shares in Putoksnis and Stulpinas himself held a 19.9 % stake.
LitCapital invested 1.45 mln. euros in Putoksnis under an agreement signed in 2011.
Putoksnis posted a net loss of 617,000 euros for 2014, on revenue of 37.66 mln. euros.
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