Invalda, one of the largest investment companies in Lithuania, asks permission of the Competition Council of the Republic of Lithuania to acquire up to 100% of a metal processing company Umega. Currently Invalda owns 21.1% of Umega’s capital.
“There are possible transactions, after which Invalda’s stake will slightly exceed 25% limit indicated in the Competition Law” – said Darius Sulnis, the president of Invalda.
According to him, sales of Umega, which exports the largest part of its production, should return to the same level, as it was before crisis. This creates assumptions for a positive change of other indicators.
Preliminary sales of Umega during the first half of 2011 reached 32 mln. LTL – 80% more that it was during the same period in 2010.
In 2010 sales Umega, with production units in Ukmerge and Utena, reached 44.7 mln. LTL
About Umega
Umega is a modern production company maintaining and securing its long-term traditions in the area of metal processing and production. Umega sells in Eastern markets about 14% of production, in Western – about 34%.
The qualified staff works in three plants of the company: production of agricultural machinery, laboratory furnaces (SNOL, earlier – Utenos Elektrotechnika) and metal furniture parts, air-blowers, solid fuel furnaces, other heating equipment and different metal articles (former name – Vienybe).
About Invalda
Invalda AB is one of the major Lithuanian investment companies whose primary objective is to steadily increase the investor equity value. For the purpose of attainment of this objective Invalda actively manages its investments, exercising control or significant influence over target businesses.
The largest part of Invalda Group activities are performed in Poland and Lithuania.
Invalda’s shares have been listed since December 19, 1995 (then the National Stock Exchange of Vilnius, Lithuania). From the January 1, 2008 the company’s shares have been on the Main List of NASDAQ OMX Vilnius stock exchange.