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Published: 6 january 2020 18:53

Utenos trikotažas Group will have a new CEO

Petras Jašinskas
SBA / Petras Jašinskas

As the transformation stage of the SBA Group’s company Utenos trikotažas is completed, the current CEO of the company Algirdas Šabūnas will be replaced by Petras Jašinskas, member of the board of the SBA group.

A.Šabūnas worked as the CEO of Utenos trikotažas Group since the autumn of 2016. During this period, the sales of the apparel company have increased by more than 50 per cent, and the price of shares of the company have doubled.

"We finished an important stage of development of the company which has been agreed with the SBA Group’s management, therefore this resignation is a consecutive step. The last several years were full of challenges and were especially interesting in a professional sense. During this period, Utenos trikotažas underwent significant changes: a promising strategic direction for sustainability and innovation was selected, the product and customer portfolio was diversified, product sales were increased, several of international and national awards were received for innovative products and sustainability, and most importantly – a solid foundation was laid for further long-term growth of the company. I am thankful to the entire Utenos trikotažas team which is a definite guarantee of further success of the company," says A.Šabūnas.

"We are grateful to Algirdas for the productive 13 years that he has spent in the SBA Group. The last several years were marked with significant positive strategic changes in the SBA textile sector. Utenos trikotažas went through hard times and successfully transformed itself: from simple mass production to innovative, environmentally-friendly products with a higher added value. One of the biggest achievements of the company is undoubtedly the fact that it became the first company in Lithuania and among a few companies in the world that participate in the Greenpeace initiative whose aim is to make our planet cleaner," says Arūnas Martinkevičius, President of SBA Group.

According to him, when Utenos trikotažas establishes itself among the leaders of textile innovation and sustainable production in Central and Eastern Europe, further ambitious development and growth objectives will be set for the new management of the company.

The new CEO of the Utenos trikotažas P. Jašinskas, joined the board of the SBA Group last year as an independent member. Previously, he worked in VP group as well as acted as the group's chairman of the board, and was also responsible for group’s acquisitions in Europe, management of various companies of the group and development of acquired businesses.

“Utenos trikotažas acquired the highest competencies in textile technology and environmentally-friendly production which creates very good opportunities to further strengthen our position in the global and local markets. We will continue our successful work in the field of innovation and green fashion as well as develop export markets in Western Europe, and, of course, we will continue to further improve our efficiency," says P. Jašinskas.

AB Utenos trikotažas was founded in 1967 and is the largest and most modern apparel company in Central and Eastern Europe. Utenos trikotažas production has an integrated business model which includes a full cycle production from knitting to the final product sold to the consumer. The company also owns ABOUT and “Utenos” brands for retail customers.

In addition to its main company in Utena, Utenos trikotažas Group also owns "Šatrija" (Raseiniai) and Mrija (Ukraine) subsidiaries, as well as retail trade company "Gotija".   

Last year Utenos trikotazas has been named ‘National Winner’ in the Social Responsibility and Environmental Awareness category in 2019 European Business Awards, one of the world’s largest business competitions.

As of 2017, Utenos trikotažas is also the participant of "Greenpeace" project for clean fashion "Detox". Its purpose is to maximize the elimination of environmentally harmful materials in all production processes.

Besides environmentally-friendly production, innovations are the main aspect of the company. Utenos trikotažas actively works with innovative materials from soya, seaweed, coffee grounds or mint fibre. The demand for environmentally-friendly fibres is continuously increasing around the world.

Utenos trikotažas Group sales of products and services reached EUR 23,7 million over the first three quarters of 2019.

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