MG Baltic completes takeover

  • 2007-08-22
  • From wire reports
VILNIUS- MG Baltic, Lithuania's multibusinessconglomerate, announcedthat it has finalized thetakeover of Latvia's KalnozolsCeltnieciba, a construction firm.MG Baltic Investment, aninvestment subsidiary of MGBaltic, purchased a 75 percentstake in Kalnozols Celtnieciba,Latvia's sixth largest constructioncompany, for an undisclosed sum."In our opinion, KalnozolsCeltnieciba is a promising companywith a substantial position onLatvia's construction market. Weaim to further develop this company,first of all by expanding itstechnological base, strengtheningits competitive edge and improvingfinancial capacities,"Raimondas Kurlianskis, CEO ofMG Baltic Investment, said.The agreement between thetwo companies was signed inJune.

Kalnozols Celtnieciba's salesin 2006 amounted to 28 million lats(40 million euros).MG Baltic is one of Lithuania'sleading conglomerates, with interestsin manufacturing, trade, realestate and media. Consolidatedsales in the first half of 2007amounted to 612 million litas (177million euros), up 55 percent fromthe same period last year.