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The value of this factory amounts to 36 million litas, including 26 million litas in financing granted by Lithuania-based bank Ukio Bankas, and the remaining share financed from the EU and the company's funds, Ukio Bankas said in a statement.

In the words of Mantinga Food Board Chairman Klemencas Agentas, the new factory represents not only company development and search for new perspectives but also the introduction of state-of-the-art production lines, development and proposal of innovate products that have never been placed on the market as well as the establishment of new jobs, writes LETA.

"I am really happy that the new factory made a quick start and its products are increasingly gaining in popularity not only in Lithuania but also abroad," Agentas said.

As stated Arnas Zalys, the Chairman of the Board of Ukio Bankas, extended 26 million litas financing to the project of Mantinga Group, a decision to contribute to the implementation of this project was predetermined by a particularly clear development strategy of UAB Mantinga that already boasts successful performance.

"We made a decision to finance this project because Mantinga Food investment plan justified the necessity to increase the company's production capacities in order to satisfy changing market needs and continue to increase the pace of the company's growth. By granting financing to this company we not only contribute to the development of the concrete enterprise but also generally to the growth and strengthening of the national food industry. The project of such scale is unquestionably important not only nationally but also regionally," Zalys said.

The new plant boasts a two-storey automated baking furnace of natural stone, a product packaging line that is one of the most modern in Eastern Europe, a modern accounting and production management information system along with efficient energy-saving systems. Currently six food preparation lines – for bread, pizzas, sandwiches and soups, are operating here. Nearly half of all facilities and installation services were acquired from Lithuanian companies.

In the words of Mantinga Food Board Chairman Klemencas Agentas, due to increased production capacities the company expanded its product range by 35 new items and later plans to introduce around 50 novelties, fresh and chilled snacks.

Part of the products made in Marijampole-based plant is delivered to Lithuanian consumers and the remaining part is exported to the neighboring Baltic States. It is planned that the products will soon reach the French, Polish, Scandinavian, Russian, Belarus and Ukrainian markets. The newly launched factory created 140 new jobs. It is planned to employ around 60 people more.

During the three quarters of this year the growth of Mantinga Group companies amounted to 15 million litas, showing a 20% increase, year-on-year.

It is planned that in the upcoming year export will annually grow 20%.

Mantinga started its business in 1998, when it broadened the Lithuanian market with new production from France – frozen bread and pastry products that were technologically prepared for baking.

Currently Mantinga is a modern and one of the largest companies in Eastern Europe offering frozen bread and pastry products. Its assortment includes more than 300 products that were created according to the best recipes of bakers from all over the world. Mantinga seeks to make it so that every client could find the desired products in its assortment.

About 51% of the company's production is exported to 27 foreign countries where the company successfully cooperates with world-known companies and trade systems. In Lithuania the company works together with supermarkets, smaller shops, hotels, restaurants, cafes, gas-stations and schools. Mantinga companies employ around 850 employees.

Ukio Bankas is Lithuania's first commercial bank having provided reliable services via its wide client service network, with nearly 60 units all over the country, for a third decade already.