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AB Grigeo transferred corrugated cardboard production business to a subsidiary company
On the 2nd of January, 2019 AB Grigeo transferred a part of its business – the corrugated cardboard production business (hereinafter – the Business) to its 100 % owned subsidiary UAB Grigeo Packaging, legal entity code 302329061, address Vilniaus g. 10, Grigiškės, Vilnius City municipality, the Republic of Lithuania, data about the company is collected and stored in the Register of Legal entities of the Republic of Lithuania.
According to the Business valuation report issued by an independent property valuer on the 6th of November, 2018, the value of the transferred Business is EUR 15.2 million.
AB Grigeo transferred part of its Business in order to ensure more effective management of the Business, its further development and business profitability increase in the future. Business was transferred as a complex of assets, rights and obligations. All the production equipment and other assets, rights and obligations that are integrally related with the Business as well as all the material and human resources ensuring the further successful execution of the Business, were transferred to the subsidiary.
The place of the production activities of the Business has not changed – UAB Grigeo Packaging continues the production activities at the same address as before the transfer of the Business – at Vilniaus g. 10, Grigiškės, Vilnius City municipality, the Republic of Lithuania. AB Grigeo will concentrate its activities on the production of tissue paper products, and UAB Grigeo Packaging will carry out corrugated cardboard production activities.