AB Linas Agro Group stops trading with Russian and Belarusian companies
AB Linas Agro Group is replanning its activities in the light of the current situation in Ukraine. The companies of the Group will look for alternative suppliers and will not plan or execute new transactions with Russian and Belarusian businesses. The Group will also provide support to war-affected Ukrainians.
‘We are abandoning our trade relations with Russian and Belarusian companies and will no longer buy any goods from them, nor will we supply goods even to our subsidiaries in those countries. We currently have cargo for food and feed production from Ukraine, Belarus, and Russia on the road. We do not know whether they will successfully reach Lithuania and are assessing and attempting to manage the potential financial effect, which in any event will not be material to the Group,’ says Darius Zubas, Chairman of the Board of Linas Agro Group.
By acquiring KG Group almost 8 months ago, AB Linas Agro Group also became the owner of companies in Russia and Belarus.
‘We have two companies in each country, Russia and Belarus, active in the feed and agricultural inputs sectors, they are employing 316 people. We have been seeking to sell these companies for some time now and are looking for buyers,’ says D. Zubas.
Last week, AB Kauno Grūdai, a subsidiary of AB Linas Agro Group, donated 10,000 pieces of various products to NGO Maisto Bankas, which prepares food packages for refugees arriving in Lithuania from Ukraine. Four Group companies - AB Kauno Grūdai, AB Linas Agro, UAB Dotnuva Baltic and UAB Linas Agro Grūdų Centrai - will donate EUR 130 thousand to Ukraine. The companies will also contribute to the assistance to Ukrainian refugees in municipalities.
AB Linas Agro Group is the Baltics' largest agricultural and food production group, comprising 75 subsidiaries and three associates operating in 8 countries and employing 5,398 people. The group operates along the entire food production chain ‘from the field to the table’: company’s subsidiaries produce, process, and market agricultural and food products, also provide goods and services to farmers.
CFO of AB Linas Agro Group Mažvydas Šileika
Mob. +370 619 19 403