Company briefs

The first IKEA store in the Baltic States will open its doors in Vilnius on Aug. 14, reports ELTA. According to the company, IKEA’s concept is to offer a wide choice of well-designed and functional furniture and household items for prices accessible to as many people as possible. The 26,500 square meter store’s construction took two years, offering hundreds of jobs in the Vilnius region and once open, the store itself will employ more than 200 people. Lithuanian producers manufacturing IKEA furniture are one of the major employers in this industry. Lithuania is placed fifth in the world amongst the largest IKEA production suppliers and is first in the number of furniture manufactured per inhabitant.

Construction materials producer Cemex posted 60 million lats (85.7 million euros) in turnover last year, bettering the company’s 2011 results by 12 percent, reports Nozare.lv. Cemex net losses last year amounted to 9.9 million lats. The company’s gross earnings in 2012 reached 13.8 million lats, which is 26 percent more when compared to 2011. Cemex”is a building materials producer that operates in more than 50 countries around the world. Cemex launched operations in Latvia in 2005, and currently employs approximately 300 people in the country.

The Estonian organic grain growers’ society Wiru Vili has completed a new organic grain terminal in Avinurme, Ida-Virumaa, reports Postimees Online. The terminal’s bunkers accommodate 10,000 tons of grain, and the bulk hall that will soon be completed can hold 7,000 tons of grain; the capacity of the grain dryer is 60 tons an hour. 1.9 million euros of the 4 million euro cost of the project came from rural life development plan support. “This is a unique investment in Europe since the terminal, that was created as the joint work of organic farmers, gathers together high-quality organic grain, creating better sales possibilities for Estonian organic producers,” said Wiru Vili board member Mai Tooming. The festive official opening of the terminal takes place at the end of September. The new terminal also includes a labratory.