GRIGISKES

MATERIAL EVENT



REGARDING ESTABLISHMENT OF A JOINT COMPANY



(Unofficial translation done at the NSEL)



On Friday, Grigiškės AB, Lithuania’s leading producer of sanitary paper

products and cardboard, together with Danish wood company DTE (Dansk

Traeemballage A/S) and Danish entrepreneur Pier Nielsen founded joint company

BaltWood UAB.

The shareholders of the new company located in the territory of Grigiškės AB

are: Grigiškės (45 percent), DTE (40 percent) and Pier Nielsen (15 percent).

The new company will offer 60 new work places. Annual plans include processing

of over 100 thousand cubic meters of wood and executing sales for up to LTL 25

million.

BaltWood UAB will also produce EURO trays and wood-wool pallets.





Gintautas Pangonis

Managing Director

(370 5) 243 58 01