5 Dec 2022 15:57

Lithuania's Teltonika could invest 100 mln euros in printed circuit board production

VILNIUS. Dec 5 (Interfax/BNS) - Lithuania's Teltonika IoT Group plans to invest around 100 million euros in printed circuit board production, company spokesman Tadas Markevicius told BNS.

The group's Power Group Property will produce the circuit boards at the future High-Tech Hill technology park in Vilnius.

"Printed circuit boards are what Internet of Things device are based on, so launching their production is a strategically important step for the group, which will allow us to reduce production times and help us become independent of the political decisions of third parties," Markevicius said.

He said this is one of 14 investment projects that Teltonika plans to implement within a decade.

"The Teltonika High-Tech Hill project was assigned project of national importance status, according to the investment agreement signed with the Economy and Innovation Ministry. The enterprise is one of the four projects that are planned under this agreement," Markevicius said.

Markevicius did not say when construction of the printed circuit board plant would begin and end, as project proposals are currently being considered.

Teltonika intends to build the Teltonika High-Tech Hill laboratory and office complex, as well as an electronics plant which will create 700 jobs. The company intends to invest more than 220 million euros in the site by 2025.

The complex will consist of more than 250,000 square meters of offices, factories, laboratories, academies and other buildings. "We plan to build it in several stages," Markevicius said.

Reports have said Teltonika IoT Group plans to invest about 3.7 billion euros in the production of chips by 2030. Its owner, Arvydas Paukstys, wants to create the entire chip production cycle in Lithuania, building several factories and laboratories, which will employ about 8,000 people. This decision was made against the backdrop of disruptions to the supply of components, especially chips, from China and Taiwan due to the pandemic.