The Lithuanian paper processing company Grigiskes successfully accomplished proactive reliability maintenance project giving opportunity to develop the reliability and efficiency of existing production assets, the company said in a statement.

In 2011, the consolidated turnover of Grigiskes Group, which consists of the production companies Grigiskes, Baltwood, Klaipedos Kartonas, Mena Pak and company engaged in the waste paper business of Klaipeda recycling, outmeasured LTL 307.7 million (EUR 89.1 million).

Lithuania-based wood processing company Grigiskes Group reached the goals set for 2011. According to unaudited data over the twelve months of 2011, the sales of the group which consists of the production company Grigiskes, Baltwood, Klaipedos Kartonas, Mena Pak and company engaged in the waste paper business of Klaipeda recycling company reached 308 million litas, which is by eight million litas, or 2.7 percent higher than proclaimed forecasted turnover for 2011, Grigiskes reports.

Lithuania-based wood processing company Grigiskes in a course of implementation of the decision made on December 1, 2011, to transfer one of segments of Grigiskes activities – the production of wood fiber board – to Grigiskes’s subsidiary Baltwood UAB, on December 31, 2011, signed with Baltwood an agreement on transferring a part of activities, Grigiskes informed the NASDAQ OMX Vilnius.

In order to increase efficiency of manufacturing processes, to optimize the acquisition of raw materials, production supplies, production and logistics processes, to reduce costs and increase profitability of business segments, the Board of the Lithuania-based wood processing company Grigiskes made a decision on December 1, 2011, to transfer one of segments of Grigiskes’ activities – the production of wood fiber board – to a 100-percent owned subsidiary Baltwood, in exchange for newly issued shares of the company, the company reports to the NASDAQ OMX Vilnius.