VILNIUS
- MG Baltic, Lithuania's multibusiness
conglomerate, announced
that it has finalized the
takeover of Latvia's Kalnozols
Celtnieciba, a construction firm.
MG Baltic Investment, an
investment subsidiary of MG
Baltic, purchased a 75 percent
stake in Kalnozols Celtnieciba,
Latvia's sixth largest construction
company, for an undisclosed sum.
"In our opinion, Kalnozols
Celtnieciba is a promising company
with a substantial position on
Latvia's construction market. We
aim to further develop this company,
first of all by expanding its
technological base, strengthening
its competitive edge and improving
financial capacities,"
Raimondas Kurlianskis, CEO of
MG Baltic Investment, said.
The agreement between the
two companies was signed in
June.
Kalnozols Celtnieciba's sales
in 2006 amounted to 28 million lats
(40 million euros).
MG Baltic is one of Lithuania's
leading conglomerates, with interests
in manufacturing, trade, real
estate and media. Consolidated
sales in the first half of 2007
amounted to 612 million litas (177
million euros), up 55 percent from
the same period last year.
