Baltik Vairas Had a Record Turnover of USD 27 million

The biggest bicycle producer, Lithuanian-German company Baltik Vairas, grew by 27% last year, had a record turnover of USD 27 mln and expects to expand another 10% this year. Baltik Vairas plan to sell 280,000 bicycles this year (last year’s sales 256,000 bicycles) and reach a turnover of USD 30mln. Last year the company exported 98% of its production, 91% of which were sold in Western Europe and the rest in the Baltic states, Russia and CIS. German company “Schminke-WerkeGmbH” (SW) has 90% of the company’s shares. Baltik vairas’ main trading partner in the West is the company “Pantherwerke AG”, which together with “Baltik Vairas” belongs to the Panther group of companies.