Šiaulių bankas has established a strategic relationship with the International Furniture Manufacturing Company Home Group
Šiaulių bankas and Home Group announced on Monday, May 9th, 2011, the formation of a strategic financing relationship. Pursuant to the agreement between the companies, Šiaulių bankas will provide financing to support Home Group’s expanding manufacturing activities in Lithuania.
Home Group is a leading manufacturer of furniture and home furnishings with seven production facilities in Europe. The company has been expanding its production capacity in Lithuania in response to strong demand from its customers.
According to Valdas Virbalas, the Vice-President of Development, Home Group is making significant investments in Lithuania because of the country’s competitive furniture sector, well developed supply chain and high quality workforce. He said: “We believe that Home Group’s investments in production will benefit the Lithuanian economy as well as our company since we generate strong export earnings and create significant employment”. Mr. Valdas Virbalas also commented that Home Group is very pleased to have established a relationship with Šiaulių bankas since the bank understands and supports Home Group’s strategic objectives in Lithuania.
Mr. Gražvydas Šimkus, the Director of the Klaipėda region and Klaipėda branch of Šiaulių bankas, said: “With the growth of business and decrease of business funding risk, Šiaulių bankas is allocating more funds for the implementation of promising future growth oriented projects. Growing exports are influencing companies to more actively expand their manufacturing capacities. By financing Home Group projects, we are supporting the company’s objectives to significantly increase their manufacturing volumes and implement innovative practices”.