AB Grigeo, which manufactures medium-sized paper towels, cardboard and toilet paper, plans to change its company name to AB Grigeo Group.
The decision was made in order to ensure more efficient business management and development of the Grigeo Moni Group, the company announces.
It is planned to divide the group’s activities, forming a new hygienic paper segment next to the existing packaging and wood fiber flat segments.
The company transferred the currently running hygiene paper business as a complex of assets, rights and liabilities to its subsidiary UAB Grigeo Tissue. It will be managed together with i met on March 28. acquired by a sanitary paper factory in Poland.
Our business operates in a dynamic environment, so in order to be more efficient and competitive, we must constantly respond to changing market needs. I believe that this structural step will help significantly strengthen the positions of the production of hygienic paper and will allow us to ensure even better operations, Tomas Jozonis, Grigeo’s manager, is quoted in the report.
Hygienic paper production in Lithuania will continue to be carried out in Grigiks, and the structural changes will not have any effect on the employees working there. They will retain their accrued salary, vacation and other benefits provided by the workplace.
We are obliged to ensure a safe, stable and reliable workplace for our employees, therefore, when implementing any changes, we make sure that it does not cause them any stress and we inform them about it in advance, comments T. Jozonis.
Only one condition of the employee’s employment contract, the name of the employer, will change. Changes will also affect UAB Grigeo investici valdymas, whose name is being changed to UAB Grigeo Paper Packaging.
At present, more than 1,000 employees work in the Grigeo moni group. According to unaudited data, in 2023 The annual turnover of AB Grigeo moni group reached 195.4 million. Eur. moni group’s EBITDA (profit before tax, salary and depreciation), compared to 2022, increased by 17.6 million. EUR and reached 38.9 million. Eur. in 2023 Grigeo moni group’s net profit reached 29.6 million. EUR, that is 18.0 million. EUR more than during the same period in 2022. period
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