Adax Lithuania, the Panevezys-based household electrical appliances manufacturing company, awaits significant investments and adaptation to new standards following the acquisition of Norway’s Adax Group by the international manufacturing and solutions group Glen Dimplex (GD), the Verslo Zinios news portal has reported.
“The plan is to transfer the production of electric heaters from GD to Adax and from Northern Ireland to Lithuania. A restructuring of the organization is planned for this year, with the creation of new divisions and the recruitment of new staff to integrate into the GD Group’s standards,” Adax said in a statement filed with the Center of Registers.
According to Aurimas Lukosevicius, the Lithuanian company’s director, it is planned to revise the pricing and product cost accounting, starting with standard cost accounting. Preparations for the relocation are already underway and should be completed by 2026. Significant investments are planned to upgrade equipment, including acquisition of a new high-performance powder coating line and high tonnage presses for sheet metal processing.
In 2023, Adax’s sales edged down by 1.7 percent to 22.5 million euros, from 22.9 million euros in the previous year. Its net profit soared by 63 percent to 1.3 million euros, from 0.8 million euros in 2022.
Source: BNS
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