Published: 2018-02-02 15:38:35 CET
Grigeo
Notification on material event

The letter of intent regarding the sale of 100% of the shares of UAB Grigeo Baltwood is terminated

Vilnius, Lithuania, 2018-02-02 15:38 CET -- AB Grigeo, UAB Grigeo Baltwood and the German company Homanit Holding GmbH agreed to terminate the letter of intent regarding the sale of 100% of the shares of UAB Grigeo Baltwood.

Homanit Holding GmbH has performed a diligent analysis of the infrastructure and evaluated the scope of the investment project, regarding the extent of the intended development. The territory appeared to be not sufficient for the potential expansion of the investor`s business.

The termination of the letter of intent was signed 2nd February, 2018. UAB Grigeo Baltwood continues its business activity in the structure of AB Grigeo group of companies.

UAB Grigeo Baltwood produced fibreboard is used for manufacture of internal furniture surfaces, decoration of residential and public premises, interior and exhibition stands, stiff packaging, and other consumer products and products of various purposes. The company employs 140 people and its annual production volumes amount to around 23 million square metres. 80% of the production is exported by the company to the Member States of the European Union. The planned turnover of UAB Grigeo Baltwood in 2018 is around EUR 17 million.

         Gintautas Pangonis
         President of AB „Grigeo“
         (+370-5) 243 58 01