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Lithuania’s Kitron eyeing German market

Automobilių kolona lydi į Vokietija atvykusį Popiežių Benediktą XVI
„Reuters“/„Scanpix“ nuotr. / Berlin
Šaltinis: BNS
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The Lithuanian subsidiary of Norway’s electronics company Kitron has set its eyes on Germany’s market, the Verslo Žinios business daily reports on Wednesday.

The company plans to invest 17 million litas (EUR 4.9 mln) in the doubling of its production area so as to be able to implement new orders.

The company had already bagged two orders from German companies, Kitron CEO Mindaugas Šeštokas told the daily adding that talks on several more orders from the Germans were ongoing.

“We have a clear goal this year – to generate 15 million litas in revenues from orders in the German market, and to double the sales volume in Germany over the coming year. I think it is feasible to boost annual revenues from orders in Germany to 40 million litas within next three years,” Šeštokas said.

Kitron, which posted 14.6 million litas in earnings on the turnover of 156 million litas last year, expects its revenues to increase by 30 percent this year.

BNS
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