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Company brief

Feb 08, 2006

Lithuania's Vakaru Medienos Grupe (Western Timber Group) unveiled plans to build a new $22-25 million particleboard and furniture plant in Ukraine. Chairman Sigitas Paulauskas said the new plant would be built in the Chernigov region, some 150 kilometers northeast of Kiev, by the end of this year. The new plant will be VMG's first business unit abroad. "It will be a large enterprise with a workforce of about 500 people," Paulauskas said. "Ukraine is a country with good potential and it is likely to become part of the EU in the future. Also, Chernigov borders the woodsy areas of Briansk, which will supply raw materials to us. We already have contracts with suppliers." VMG will most likely lease the land from the state. The group will own 100 percent of the shares in the new company. He and the SBA Group each hold 50 percent interest in VMG.
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