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Swedbank extends 30-million-euro loan to Lithuanian wood group VMG for production expansion

Trečiojo ketvirčio pridėtinės vertės kritimą stabdė sulėtėjęs pramonės produkcijos gamybos smukimas.
LŽ nuotr. / .
Šaltinis: BNS

Swedbank, one of Lithuania's biggest banks, has extended a loan of 100 million litas (EUR 29m) to Vakarų Medienos Grupė (VMG), one of the largest wood processing and furniture production groups in the Baltics, for production expansion.

"With the group's revenues expected to rise by 50 percent within the next couple of years, we sought a partner to help finance the company's fast expansion," Viktoras Adomaitis, director of Klaipėdos Mediena, which is part of VMG, was quoted as saying in the bank's press release.

He said that the money will be used to modernize the company's equipment and to achieve a more efficient use of its export possibilities.

Mintautas Miškinis, director of the Large Corporate Customer Department at Swedbank, said that the Lithuanian wood industry has an "obvious" growth potential and that furniture manufacturers are inclined to invest in increasing their production capacities.

Swedbank said that Lithuanian furniture exports in 2011 to 2012 topped pre-crisis levels, noting that exports in first quarter of this year were 20 percent higher than in the first quarters of 2007 or 2008.

VMG's consolidated net profits last year soared by 63 percent to 17.7 million litas, from 10.8 million in 2010. Revenues rose by 14 percent to 279.7 million litas.

The group this year expects to complete a 76.6-million-euro investment project in Belarus that involves building a complex of three factories aimed at becoming a strategic supplier to the Swedish furniture giant IKEA's stores in Russia.

Cypriot-registered VMG Holdings owns 89 percent of shares in VMG.

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