On 23 December, Philip Morris announced the launch of a new LTL 137 million (EUR 40 million) investment project to expand its factory in Klaipėda. The expansion and modernisation of the factory, which is already set to start this year, will increase production capacity by 40 percent. All extra production will be exported, primarily to the highly quality exigent market of Japan. The investment will create 40 new jobs at the factory and provide more orders for local Lithuanian service suppliers and business partners. Currently, more than 90 percent of Klaipėda-based factory production is exported to around 60 global markets, Invest Lithuania said.
"Philip Morris Lietuva"
© DELFI (V.Spurytės nuotr.)

"This project of production industry expansion proves the fact that our efforts to bring foreign investment to Lithuania are effective. I am pleased that major international companies like Philip Morris value the investment environment of the country, continue their operations and make additional investment that boosts production and creates new jobs," said Evaldas Gustas, Minister of Economy.

According to Alberto Bernardi, Managing Director of Philip Morris Baltic, this investment demonstrates company's further commitment to continue its operations in Lithuania and is the result of more than 20 years of successful presence in the country. "Philip Morris was one of the first foreign investors in independent Lithuania and today the company's investment in the country amounts to LTL 713 million (EUR 206 million)," said Bernardi.

Rimvydas Pundinas, Director of Operations of Philip Morris Lietuva, pointed that a qualified staff, an effective dialogue with state institutions and a healthy business environment are essential to increasing the potential of attracting foreign investment to Lithuania.

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