ABB expands in Lithuania

  • 2012-07-11
  • From wire reports

VILNIUS - ABB Group, one of the leading power and automation technologies companies which has been in Lithuania for 20 years now, is expanding its business and plans to open up an engineering center in the country, reports ELTA. The company’s representatives Bo Henriksson and Kestutis Jablonskis announced the plans after a July 4 meeting with Prime Minister Andrius Kubilius.

The prime minister’s adviser on economic and financial affairs, Mykolas Majauskas, said that the center is expected to employ around 30 new engineers every year.
“The work on the opening of the center should be started this year. Also, around 30 jobs for new engineers should be offered every year. The company would not only target the Lithuanian market, but also foreign markets. Lithuania has already seen perfect examples of developing services exports,” the advisor said.

ABB Lithuania is part of ABB Group, a global leader in the energy and automation field, which started activities in Lithuania in 1992. It was one of the first international groups to open up a company in Vilnius.
ABB Group employs 135,000 specialists from over 100 countries. The company’s turnover in Lithuania last year was nearly 55 million litas (16 million euros).

This announcement comes on the heels of news from the Bank of Lithuania and Statistics Lithuania, stating that in the first quarter 2012, compared to both the end of 2011 and the corresponding period of 2011, cumulative foreign direct investment (FDI) in Lithuania and Lithuanian direct investment (DI) abroad has increased.

Based on provisional data, the FDI flow into Lithuania amounted to 1.2 billion litas in the first quarter 2012 (4.6 percent of GDP), and, compared to the fourth quarter 2011, it increased by 891.7 million litas, an increase of more than four times.