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One of the largest groups in the paper and wood industry in the Baltic States, the Lithuanian joint-stock company Grigeo, has finalised the transaction to acquire one of the factories of Głuchołaskie Zakłady Papiernicze.

The pulp and hygiene products factory in Niedomice currently employs 175 people and is equipped with paper machines and converting lines. According to unaudited data, the acquired GZP branch in Niedomice had an annual turnover of approximately EUR 40 million in 2023, and the value of the company is approximately EUR 22 million.

UAB Grigeo Hygiene acquired 100% of the shares of the subsidiary GZP, which managed the operation of the plant for the production of pulp and hygiene products in Niedomice.

The AB Grigeo Group employs approximately 860 people. According to unaudited data, the annual turnover of the AB Grigeo Group was 195.4 million euros in 2023. The group’s EBITDA (earnings before interest, taxes, depreciation and amortisation) increased by 17.6 million euros compared to 2022, reaching 38.9 million euros in 2023.

The net profit of the AB Grigeo Group in 2023 is €29.6 million, which is €18.0 million more than in the same period in 2022. The shares of AB Grigeo are listed on the official market of the AB Nasdaq Vilnius Stock Exchange.

“The acquisition of the factory in Poland was one of the strategic steps the company had been preparing for. We acquired not only the factory, but also the experience. We will look for new solutions and expand our product range, combining this with the good manufacturing practices developed in our factory in Grigiškės,” says Tomas Jozonis, CEO of AB Grigeo. He adds that this transaction will strengthen the group’s position in the rapidly developing Central and Eastern European market. “The optimisation of logistics costs will open up wider opportunities for the distribution of high-quality products in Germany and other Western European markets.”