"We want to expand both our production capacity and the range of services. Our plans call for a total investment of over 20 million litas in equipment and expansion in the coming three to five years," Mindaugas Šeštokas, the Kaunas-based company's CEO, told BNS.
New products would be tested at the company's engineering center without halting production, he said.
Šeštokas said that the Norwegians considered whether to invest in Lithuania or in Scandinavia, but the state aid helped the group to make their choice.
The company plans to create at least 60 new jobs as part of the production expansion, which is expected to be completed by the start of 2014.
Kitron Lithuania last year posted an annual net profit of 12.322 million litas, and sales revenue of 155.09 million litas. It invested 5.5 million litas in new equipment. The company employed 355 people this year on average.
The Lithuanian government supports foreign investments of over 20 million litas by paying for the opening of an office and for personnel training.
