Investments, Latvia, Lithuania, Markets and Companies

"I am delighted that our neighbors invest in Lithuania without any fear of a possible economic downfall. The project created new jobs and opened new business niches," Adamkus said.

The Latvian president noted that this investment clearly demonstrated that Baltic businesses are integrating ever more closely into the European Union, and that the Baltic market is growing stronger, informed BC Press Service of the Lithuanian President.

Sakret Lietuva Ltd. is a major capital investment of Latvian business people into a joint Lithuanian-Latvian venture. SIA Sakret injected a sum of more than 27 million litas into the construction of this factory, which will be the largest dry construction mix factory in the Baltic States, intending to sell its products not only in Lithuania, but also deliver them to European, neighboring eastern countries and Scandinavia.

This is the third such factory in the Baltics. It is planned to employ approximately forty people.

The factory plans to produce about 250,000 tones of compounds per year and satisfy the demand for constructional compounds not only in Lithuania, but lo in the entire region.

According to Alexander Toropchin, CEO of Sakret Lietuva, the factory will produce the constructional compounds – plaster, glue, daub, grout, and priming – on the basis of franchise. He hopes that the constructional compounds produced by modern technologies will encourage the use of ecological products in Lithuanian construction market and will provide the opportunity for constructors to manage labor force and expenses more efficiently.

The automated factory Sakret Lietuva will have only 35-40 employees. The factory in Kedainiai is the third factory of constructional compounds established by the company Sakret in the Baltic States.