A well-known company in Lithuania AB Grigeo is changing its name to AB Grigeo Group

In May, it is planned to change the name of the company AB Grigeo to AB Grigeo Group. The company will retain centralized supervision and control in the group’s financial accounting and business analytics, personnel management, legal services, information technology maintenance, purchases and other service functions of the group’s companies.

This decision was made in order to ensure more efficient management and development of the businesses of the AB “Grigeo” group of companies. It is planned to divide the group’s activities, forming a new segment of hygienic paper next to the existing packaging and fiberboard segments.

The company transfers the currently conducted hygiene paper business as a complex of assets, rights and liabilities to its subsidiary UAB Grigeo Tissue. It will be managed together with March 28 of this year. purchased toilet 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 to significantly strengthen the positions of the production of hygienic paper and will allow to ensure an even more productive operation of the company”, says Tomas Jozonis, head of Grigeo AB.

Hygienic paper production in Lithuania will continue to be carried out in Grigiškės, and the structural changes will not have any effect on the employees working here. They will retain their accumulated seniority, vacation and other benefits provided by the workplace.

“We are committed to providing our employees with a safe, stable and reliable workplace, so when implementing any changes, we make sure that it does not cause them any stress and we inform them about it in advance,” says T. Jozonis.

Only one condition of the employees’ employment contract will change – the name of the employer. The changes will also affect Grigeo investment valdymas UAB, whose name will be changed to Grigeo Paper Packaging UAB.

“This is another step that shows that we are growing, striving to be more flexible, easier to recognize and bolder stepping into international waters. Both the updated name and the structural changes in the business will help open up wider opportunities for the entire new AB Grigeo Group group of companies,” says T. Jozonis.

Currently, more than 1,000 employees work in the AB “Grigeo” group of companies. According to unaudited data in 2023 The annual turnover of AB “Grigeo” group of companies reached 195.4 million. euros. Group EBITDA (earnings before taxes, interest and depreciation) compared to 2022 increased by 17.6 million euros and amounted to 38.9 million euros. in 2023 The net profit of AB “Grigeo” group of companies reached 29.6 million. EUR, that is 18.0 million euros more than during the same period in 2022. period.