VMG, an international investment group, is gearing up to launch a new cabinet furniture factory in the Akmene free economic zone (LEZ) on August 24. This €82 million investment is among the forefront of cabinet furniture producers in the Baltic region. Notably, VMG had previously initiated one of Europe’s grandest chipboard factories in the same zone in 2020, at a cost of over €150 million. Plans are also underway for a third establishment in Naujaja Akmene by September, this one centered on sustainable construction and renovation, backed by a hefty investment close to €100 million. The responsibility of these endeavors rests with “VMG Akmenės baldai“, an arm of “VMG Wood Invest” (previously “Vakšų medište grupė“). This new venture is sculpted to cater to significant production demands from prominent furniture markets: Western Europe, Scandinavia, and the USA. Its inaugural phase promises a yearly production close to 13,000 cubic meters, representing about €60 million. VMG envisions robust expansion, with additional production lines in the pipeline. On the employment front, this initiative will spawn roughly 500 positions over a span of two years. VMG’s impressive growth trajectory was evident last year when its furniture sales shot up, touching a high of €323 million. With a booming 48% income from chipboard production, VMG now exports a staggering 90% of its produce to 40+ global destinations.
Source: lrytas.lt
