Mayor: significant investments coming to Vilnius from Germany

06/10/2017

Mayor of Vilnius Remigijus Šimašius has met earlier today with investors from the German company Homanit Holding, who announced buying part of AB Grigeo business for the development of larger-scale production. The meeting was attended by Grigeo President Gintautas Pangonis and the owner of the German company Homanit Holding GmbH, Fritz Homann.
“We are happy to have smart companies as Grigeo operating in Vilnius and attracting investors from Western Europe. We trust that this partnership will be constructive and beneficial not only for both companies, but also for the city. We will do our best to ensure as smooth as possible Homanit Holding’s entry into the market and respond immediately to the issues raised by the investor”, said Mayor Remigijus Šimašius.

Wood and paper company AB Grigeo has recently signed a letter of intent with the German company Homanit Holding GmbH for the sale of 100 % of the shares of the subsidiary UAB Grigeo Baltwood. Through the acquisition, the German investor has plans to significantly expand the production of panels. Over a year and a half, Homanit Holding GmbH intends to invest EUR 65 million in Lithuania, create 250 new jobs, and increase Grigeo Baltwood’s production output by more than 4 times.