Vilniaus Baldai signed 6 million. EUR financing agreement with the State Investment Management Agency

“The received funds will significantly contribute to the strengthening of the company’s liquidity and ensuring the continuity of the planned investments. Due to disrupted supply chains and more expensive raw materials in the financial year 2021, the company’s results were more modest than we planned. The shortage of raw materials needed for production and the changes in their prices, which were faced by most companies, were the biggest challenges in the last quarter of the financial year, ”says Jonas Krutis, CEO of Vilniaus Baldai.

“The company, with more than 900 employees, has accumulated a lot of experience in production and business development. The fund has been financed by the company for 6 years, and we have also provided the company with the option to redeem all or part of the bonds at an earlier agreed term. When investing, we positively assessed the company’s investments in the direction of sustainability: modernization of production processes, implementation of robotization and digitization solutions, improvement of working conditions, reduction of energy consumption, ”commented Dainius Vilčinskas, General Director of VIVA.

In the financial year 2022, the company will start implementing the second stage of the project of the new plant located in Trakai district, Guopstai village – relocation of the plant. It is planned that innovative and efficient production processes will be implemented in the plant, which will allow the company to grow its business volume and ensure stable revenue growth.

Vilniaus baldai specializes in the production of lightweight cabinet furniture. The majority of the company’s products consist of children’s furniture, which is subject to the strictest safety and quality requirements. All of the company’s products are sold to IKEA, with which cooperation began in 1997. IKEA became the main customer of Vilniaus Baldai in 2007.

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