Lithuanian Fridge Manufacturer Snaige to Build Plant in Russia
Lithuanian fridge manufacturer Snaige, which has divisions in Lithuania and Slovakia, is planning to build a new factory in Russia. According to the company's management, this is the only way to enter the Russian market.
On Tuesday Romualdas Raudonis, a director and member of the supervisory board of Snaige, explained in the business newspaper Verslo zinios that 'we cannot mass-produce fridges for the Russian market in Lithuania because import tariffs are too high.' He also said that sales at the new plant should 'be fairly solid and comparable with Snaige sales in Lithuania.'
Raudonis said that the company is currently looking for a site on which to build the factory, a process which will take several weeks. According to Verslo zinios, the company will choose between the Kaliningrad Region and the Moscow area.
In September 2002 Snaige bought 65% of Slovakian General Frost. This firm bought the bankrupt Slovakian fridge plant Novy Calex. In October the company revealed plans to create a daughter company in Ukraine. Snaige sales over the first ten months of the current year have been USD 800 million.
