"After analyzing the situation on the oil and gas extraction industry, the liquefied natural gas and renewable energy sectors that are gradually recovering, we saw a perspective of offering our services to the specific market. The newly-established company will produce stainless steel and aluminum structures, create new jobs and added value not only for the VLG group but also for the Klaipeda port," said Arnoldas Sileika, CEO at VLG group, said in a press release.
VLG includes around 20 shipbuilding, repairs companies and firms providing other navigation services.
Last year, VLG posted 10.941 million euros in consolidated net profit, down by 9.7% year-on-year, while consolidated revenue ticked down by 0.5% to 95.311 million euros.
