Home / Knowledge / News / Apparel/Garments / Devold of Norway to invest in Lithuanian industrial park

Devold of Norway to invest in Lithuanian industrial park

07
Jan '12
Norway-based Devold Textiles, manufacturer of sports and leisure wear and protective clothing from wool, will become one of the first investors in the Panevezys industrial park coming up in central Lithuania.

The prospects of the industrial park being upgraded to free economic zone (FEZ), that will benefit the company in the form corporate income tax (CIT) breaks, is the main reason for Devold's decision to invest in Panevezys.

Devold would be investing LTL 34 million for the construction of the new plant on an area of 6.5 hectares.

Currently, Devold's production facilities in Lithuania are spread on four rented locations in Panevezys and Kupiskis. Initially, the company would consolidate its production facilities in its own building, which would result in relocation of 260 existing jobs.

In a span of three years, the knitwear producer plans to create another 100 jobs.

To increase its cost efficiency further, the Norwegian company plans to utilize its Panevezys plant as a logistics base from where its products can be shipped directly to other European countries.

Currently, Devold ships all its Lithuania-made goods to Norway and from there they are distributed across various trade channels. Although most of the products are sold in Norway's domestic market, Devold now plans to expand sales in other European markets.

Devold estimates the new plant to be operational by the end of 2013 or beginning of 2014.

Devold of Norway dates back to 1853 and is the oldest manufacturer of knitted garments in Norway. It has been active in Lithuania since 1998.

Under Lithuanian law, companies setting up manufacturing plants in area demarcated as FEZ get a pool of benefits. These include a zero-rate CIT for the first six years upon investment reaching 1 million euros and a 50 percent discount on the prevailing CIT rates for the subsequent ten years.

Fibre2fashion News Desk - India


Must ReadView All

Pic: GOV.UK

E-commerce | On 24th Feb 2021

UK welcomes European Commission's draft data adequacy

The UK government has welcomed the European Commission's draft data...

Pic: Shutterstock

Textiles | On 24th Feb 2021

SACTWU welcomes textiles rebate announced by S African govt

The Southern African Clothing & Textile Workers' Union (SACTWU)...

Pic: Shutterstock

E-commerce | On 24th Feb 2021

Asos relaunches Topshop online after acquiring it for £295

Asos recently relaunched Topshop on its website after acquiring the...

Interviews View All

Sunil Rathore, Lacoste India

Sunil Rathore
Lacoste India

‘New vendor is welcome if he offers cost, quality and timely delivery’

Textile industry, Head honchos

Textile industry
Head honchos

RCEP was always going to be a double-edged sword

Ghanshyam Ghoghari, Kimora Fashion

Ghanshyam Ghoghari
Kimora Fashion

Bridalwear is not about reds and whites anymore

Priyanka Salot,

Priyanka Salot

The Sleep Company was established to upgrade the sleep quality of every...

Rajat Jaipuria,

Rajat Jaipuria

Activewear brand Soul Space promotes organic cotton farming and...

Erwin Devloo,

Erwin Devloo

Picanol develops, produces and markets high-tech weaving machines, based...

Kerem Durdag, Biovation II LLC

Kerem Durdag
Biovation II LLC

Kerem Durdag, CEO, Biovation II LLC, provides an insight into future...

Jacques Prigneaux, EDANA

Jacques Prigneaux
EDANA

EDANA has been the leading global association and voice of the nonwovens...

Johann-Philipp Dilo, Dilo Group

Johann-Philipp Dilo
Dilo Group

German company Dilo Group is one of the leading equipment suppliers of...

Robert Brunner, Devereux

Robert Brunner
Devereux

Golfwear and menswear brand Devereux is set for greener pastures. Robert...

Rajesh Pratap Singh, Rajesh Pratap Singh

Rajesh Pratap Singh
Rajesh Pratap Singh

<div>Ace fashion designer <b>Rajesh Pratap Singh</b> has used Tencel to...

Silvia Venturini Fendi, Fendi s.r.l

Silvia Venturini Fendi
Fendi s.r.l

"Yes, my confidence and positive attitude are my strengths and should be...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


February 2021

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.


Advanced Search