Baltic States – CIS, Good for Business, Investments, Lithuania, Markets and Companies

To improve production efficiency, the company will invest LTL 22.9 million (EUR 6.6 million) into state-of-the-art technology for architectural glass solutions. In the next two years, the company will create fifty new jobs, writes LETA/ELTA.

"This is one of several success stories where a firm takes full advantage of the excellent infrastructure and favorable geographic location of Lithuania to export its products to neighbouring markets, using the logistical capabilities of the seaport", says Invest Lithuania Director Milda Darguzaite.

According to representatives of Glassbel Baltic, the plant operating in the Klaipeda FEZ works almost exclusively for foreign customers in Europe and CIS countries. Architectural and interior glass manufactured at this plant is used for sports facilities to be used during the Sochi Winter Olympic Games 2014 as well as for other famous buildings such as the Terminal 5 of Heathrow Airport in London, the Foster and Partners office complex in London, and the business centre at St. Paul's Square in Liverpool.

"The rising demand for modern architectural glass solutions in Scandinavia, mainly in Sweden and Norway, adds volume to our exports. The Nordic market is one of the key markets for continuous growth of our exports. Being in Klaipeda, we are close to Scandinavian markets and, therefore, have ambitious targets to become the leading company in the region", says Valdas Virbalas, Glassbel Group member of the Board and Commercial Director.

The Glassbel Group operates production plants and modern laboratories in Belarus and Klaipeda and has offices in Russia and Ukraine. Glassbel Baltic, owned by the group, was built and equipped in 2008 in the Klaipeda FEZ.

The Glassbel Group employs 280 people, including many highly-skilled specialists. The company offers a broad range of products from insulated glass units and supersized glass for architecture, to custom-made solutions such as heated glass, protection from electromagnetic radiation or blast resistance.

Under the letter of intent signed between Glassbel Group and the Ministry of Economy on 1 March 2012, the project will receive up to LTL 2.58 million (EUR 0.75 million) in EU structural assistance under the Invest LT+ programme administered by the Ministry of Economy.