Swedbank and SEB Banks have jointly lent 20 million euros, 10 million euro for the construction of an electronics assembly plant in the Teltonika High-Tech Hill technology park in the Liepkalnis area of Vilnius.
Both banks lent 10 million euros each, Swedbank said on Wednesday.
“This will contribute to the expansion of the Teltonika Group of companies and will allow us to create more integrated services for our clients in one place,” Arturas Kazenas, CFO at Teltonika Group, said in a statement.
The project will double the company’s production volumes and create several hundred highly skilled jobs in the country, he said.
The construction is expected to be completed in mid-2025, and the new facility will create around 700 jobs and its annual production volumes will exceed 18 million products.
The construction of the electronics assembly plant, which will produce the IoT products developed by Teltonika, started in December 2023 and Teltonika is investing around 75 million euros into it.
According to Tadas Jonusauskas, the head of corporate banking at SEB Bank, says the park’s export volumes could account for around 5 percent of the country’s GDP over the next 10 years.
Source: BNS
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