“The construction of the new production building marks an important stage in the development of our company. The new factory will allow us to increase production capacity, organize processes more efficiently, and create conditions for further company growth. The project will also significantly contribute to the development of high-tech manufacturing infrastructure in Lithuania,” said Martynas Barkauskas, head of Light Conversion, in a statement.
The factory will be built by the construction company YIT Lietuva – a contract has been signed with them, the company announced on Tuesday. The contract value is not disclosed, BNS said citing YIT Lietuva.
In April, it was announced that Light Conversion plans to invest 47.3 million euros in the expansion of the laser manufacturing and research center. The Ministry of Economy and Innovation granted this investment the status of a large project.
At the same time, it was announced that this investment will allow the company to triple its capacity – from 1,000 to 2,700 laser systems per year. Between 2028 and 2031, 200 new jobs will be created here. The project is planned to be completed by the end of 2034.
The project, named ViPalace (Vilnius World Laser Center), is being implemented on Keramikų Street in Vilnius, where Light Conversion operates. The company’s infrastructure here has already been expanded three times: in 2014, 2018, and 2022.
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As part of the project, YIT Lietuva will build a five-story production building with a basement covering more than 13,400 square meters, which will also include a canopy, according to the announcement.
Next to the production building, a 200-space parking lot will be installed, and the surrounding area will be landscaped with active and passive rest zones for employees. The project is being developed on a territory of more than 9 hectares, where further expansion is planned in the future.
The architectural solutions for the project were prepared by a Vilnius architecture studio.
Light Conversion’s consolidated revenue last year reached 146 million euros, which was 8.15% higher than the year before (135 million euros), and it earned 37.1 million euros in net consolidated profit – 14.5% less (43.4 million euros), according to the report submitted to the Register Center.
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The company’s beneficiaries are two Lithuanian and one German citizen.
