€150 m LVL and I-beam plant underwayFriday 1 Mar 2024
The €100 million facility for structural engineering timber materials is located in the Akmenė Free Economic Zone. VMG Group, one of the largest wood processing and furniture manufacturing groups in Central and Eastern Europe, opened the site together with Hanner, the leader in real estate development in Lithuania, and the Baltic Industrial Fund II, which is managed by BRAITIN. The VMG Lignum Construction factory has the annual capacity to produce 120,000 cubic metres of laminated veneer lumber (LVL), 15 million metres of I-joists and 200,000 cubic metres of structural particle board. Sigitas Paulauskas, VMG Group's sole shareholder and investor, says the factory will supply local and global markets with engineered timber products and building solutions. In a later phase of development, the range of products on offer will be enlarged to include other sustainable building structures, such as prefabricated wall and ceiling panels, glued LVL columns, and wall chipboard with decorative sheeting. According to Global Wood Markets Info (GWMI), the European market for mass timber-based multi-storey buildings is growing at a pace of roughly 8% a year. About VMG Group VMG Group unites 20 companies with more than 3,000 employees and exports to more than 30 countries. The group is currently developing large-scale projects within one of Lithuania's free economic zones involving €500 million of total investments. The €100 million construction materials factory is the VMG Group's third industrial project in the Akmene FEZ. In 2020, it opened one of the largest chipboard factories in Europe, investing €150 million in the site. In August 2023, it launched a new cabinet furniture factory. Investments in that project exceeded €80 million. Source: VMG Group | ||
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