Lithuania: PET Production Neo Group Invests Almost $ 60 Million to Become Number 2 PET Producer in Europe
Neo Group, producer of polyethylene terephthalate (PET) granules, located in Klaipeda Free Economic Zone (FEZ), launches a new production line. With the expansion of its production capacity, the company becomes the second-largest producer in Europe.
Klaipeda/Lithuania — The company estimates that the $ 59 million investment will increase production capacity by 50 %, while the market supply will grow by 155,000 tonnes annually.
As one of the major European PET producers the decided to increase its production capacity in response to increasing demand. The additional capacity of the new line is planned to reach 480.000 tons per year. According to Paul Ambrazaitis, NEO Group Chairman of the Board, increased production capacity will help the company to reinforce its reputation as a reliable international supplier.
The chairman of the board of the company emphasizes the importance of the financial partner Swedbank, the Ministry of Economy of Lithuania, Klaipėda District Administration and "Invest in Lithuania" participation and support during the investment project implementation of the new production line.