Kitron Expanding in Lithuania; Hopes to Snare Germans PDF Print E-mail
Written by Mike Buetow   
Tuesday, 13 March 2012 09:01

KAUNAS, LITHUANIA -- Kitron will invest a reported EUR 4.9 million ($6.4 million) to expand its electronics manufacturing facility here in response to new business from Germany, according to published reports.

The EMS firm currently operates a 104,000 sq. ft. site, according to the CIRCUITS ASSEMBLY Directory of EMS Companies. That footprint will double, says Verslo Žinios, as the company aims to double its sales to Germany in the next 12 months.

Kitron reportedly has landed orders from a pair of German companies and is in the running for several more, Kitron CEO Mindaugas Šeštokas told Verslo Žinios, a local business daily.

“We have a clear goal this year – to generate 15 million litas ($5.71 million) in revenues from orders in the German market, and to double the sales volume in Germany over the coming year. I think it is feasible to boost annual revenues from orders in Germany to 40 million litas ($15.1 million) within next three years,” Šeštokas said, according to the paper.

Kitron expects revenues to increase 30% this year. The contract printed circuit board company had revenues of about $296 million in 2011, good for 45th place in the 2011 CIRCUITS ASSEMBLY Top 50, to be released April 1.

Ed: 1 LTL = 0.378908 USD

 

Follow us on Twitter: @mikebuetow

Last Updated on Monday, 19 March 2012 11:32
 

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