German car parts giant Continental on Friday launched the construction of a new plant, worth 95 million euros, in Lithuania's second-largest city of Kaunas's free economic zone, in a largest investment in the country in 20 years.
Continental factory construction begins
© DELFI / Mantas Jokubauskas

Electronic devices will be produced at the new plant, and its manager promises to create 1,000 jobs over the next five years. The facility is set to come online in August, 2019.

"Today is a very important day for Lithuania – for the whole of Lithuania, not only the Kaunas region – as we are not only receiving a German investment but also starting very innovative production," Lithuanian President Dalia Grybauskaite said during the launch ceremony. "It will create jobs, and not simple jobs but jobs with a high added value."

Continental will produce passenger safety and smart driver-assistance systems in Kaunas.

"We are planning to employ up to one 1,000 employees in the next five years. It will be majority locals, for sure," the new facility's managing director Shayan Ali told journalists.

Mantas Katinas, head of investment-promoting agency Investuok Lietuvoje (Invest Lithuania), says Continental might double the scope of its activity in Lithuania in the future, if the investment is successful and the company has plenty of engineers.

Good business environment and the preparation of engineers at Kaunas University of Technology helped to attract the german company, Katinas believes.

During the ceremony, the Lithuanian president, economy minister and representatives of Continental signed an e-document wishing success for the new plant. The document was transferred to an USB memory stick which was buried in a capsule.

BNS
It is prohibited to copy and republish the text of this publication without a written permission from UAB „BNS“.
Įvertink šį straipnį
Norėdami tobulėti, suteikiame jums galimybę įvertinti skaitomą DELFI turinį.
  • 1
  • 2
  • 3
  • 4
  • 5
(0 žmonių įvertino)
0
Leave a comment
or for anonymous commenting click here
By posting, you agree to terms
Read comments Read comments

Wellness start-up Urban establishes development office in Lithuania

Urban was founded in 2014 by Jack Tang and Giles Williams to provide easy and affordable access to...

Profits in Lithuanian banking sector highest since 2007 (1)

Lithuanian banks and branches of foreign banks in Lithuania earned almost 358 million euros (406...

Alternative lending in Baltics is taking market share from traditional banks and credit unions

In the ever-growing European alternative finance market, Lithuania - together with other Baltic...

Global supplier to mobility industry to open shared service centre in Lithuania

Dana Incorporated, a world leader in highly engineered solutions for improving the efficiency,...

Lithuanian organizations join forces to manage fintech risks

Nine Lithuanian entities agreed on Monday to cooperate in managing risks in the financial technology...