OREANDA-NEWS. May 18, 2011. Siauliu bankas and Home Group announced the formation of a strategic financing relationship. Pursuant to the agreement between the companies, Siauliu bankas will provide financing to support Home Group’s expanding manufacturing activities in Lithuania, reported the press-centre of Siauliu  bankas.

Home Group is a leading manufacturer of furniture and home furnishings with seven production facilities in Europe. The company has been expanding its production capacity in Lithuania in response to strong demand from its customers.

According to Valdas Virbalas, the Vice-President of Development, Home Group is making significant investments in Lithuania because of the country’s competitive furniture sector, well developed supply chain and high quality workforce. He said: “We believe that Home Group’s investments in production will benefit the Lithuanian economy as well as our company since we generate strong export earnings and create significant employment”. Mr. Valdas Virbalas also commented that Home Group is very pleased to have established a relationship with Siauliu bankas since the bank understands and supports Home Group’s strategic objectives in Lithuania.

Mr. Grazvydas Simkus, the Director of the Klaipeda region and Klaipeda branch of Siauliu bankas, said: “With the growth of business and decrease of business funding risk, Siauliu bankas is allocating more funds for the implementation of promising future growth oriented projects. Growing exports are influencing companies to more actively expand their manufacturing capacities. By financing Home Group projects, we are supporting the company’s objectives to significantly increase their manufacturing volumes and implement innovative practices”.