Company briefs - 2008-08-13

  • 2008-08-13
Achema, a Lithuanian nitrogen fertilizer and chemical product manufacturer, posted profits of 51.6 percent for the first half of this year. The company's profits reached more than a billion litas (296.5 million euros), up from only 675 million litas in July 2007. The company now plans to invest more that 500 million litas by 2009. The investments will be used to upgrade workshops, save raw materials and install energy efficient technologies. The fertilizer manufacturer, which is based in Jonava, is part of the Achema Group, one of Lithuania's largest business conglomerates with holdings in over 30 local and foreign companies in various industries.

The Bite Latvija mobile phone operator has announced plans to invest 10 's 15 million euros into its operations in Latvia, the company's general director said in an Aug. 11 interview with Dienas Bizness. Bite has already invested more than 50 million euros in the country, and plans to finish the next round of investments by 2009. Bite currently has 332 base stations in Latvia, and each one costs around 100,000 lats (142,287 euros). About 90 percent of the company's investments into the country have gone into the development of the operator's network coverage.