22 September, 23:57
AB Grigeo and UAB Grigeo Baltwood signed a letter of intent with the German company Homanit Holding GmbH regarding the sale of 100% of the shares of UAB Grigeo Baltwood.
Upon accomplishment of the transaction, within a period of a year and a half, Homanit Holding GmbH intends to invest Euro 65 million in Lithuania, to increase the number of employees of UAB Grigeo Baltwood by 2.5 times, and to boost production quantities by more than 4 times.
“We focus the recent strategy of our group of companies on two core business sectors – tissue paper and cardboard production. So, we have been looking for an investor in fibreboard production for several years. Homann Holzwerkstoffe Group is a stable company pursuing rapid international expansion, which has MDF/HDF fibreboard producing factories in Poland and Germany. We believe that its investments combined with its experience in the industry will create highly skilled jobs and contribute to the development of technological innovations in Lithuania”, comments Gintautas Pangonis, Chairman of the Board and President of AB Grigeo.
According to Gintautas Pagonis, upon the accomplishment of the transaction, Homanit Holding GmbH would invest in new production lines, change the technological production process, and thus increase production capacity and value created by the enterprise.
Homanit Holding GmbH is a member of Homann Holzwerkstoffe Group. The core business of the company is MDF/HDF fibreboard production.
UAB Grigeo Baltwood products are used for the production of internal furniture surfaces, decoration of residential and public premises, interior and exhibition stands, stiff packaging, and other consumer products and products of various purposes.