Swedish furniture group IKEA is transferring its subcontracting operations away from Estonia to Lithuania, because Lithuanian furniture producers offer better costs
Published:
7 May 2003 y., Wednesday
Vilniaus Baldu Kombinatas, IKEA’s biggest supplier in Lithuania has announced about the conclusion of a new contract with IKEA for the production of new types of furniture. In the first quarter of 2003 Vilniaus Baldu Kombinatas had sales of EUR 5.9 million, which is 17% more than in the same period of the previous year.
Vakaru Medienos Grupe, who together with IKEA have recently opened a new furniture factory in the port city of Klaipeda is ready to supply more than EUR 21 million worth of furniture per year.
“Our factory is new and our production costs are more competitive”, said S.Paulauskas, Chairman of Board of Vakaru Medienos Grupe. In 2002, the consolidated turnover of the companies belonging to Vakaru Medienos Grupe was EUR 48 million and a 30% turnover increase is planned for 2003.
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