The Industry and Finance Corporation of Western Lithuania (IFCWL) operating in Klaipėda today is known as one of the most successful companies in Lithuania. However, its president Antanas Bosas highlights something different. According to the president, the fact that all projects implemented by the Industry and Finance Corporation of Western Lithuania will survive for future generations is the most important benefit.
Business is the source of viability of any country
Activity fields of the Industry and Finance Corporation of Western Lithuania
- Real estate development
- Real estate rent
- Real estate sale
- Business and finance management
- Charitable trust
Throughout its activity, the Corporation reached the turnover of over EUR 3 billion, the companies belonging to the Corporation had 6.5 thousand employees. Over EUR 2 million was given to charity.
In the first year of its activity, the Corporation controlled 16 companies, and after a year this number has doubled. In the beginning of its activity, the Corporation focused its major attention and investments on wood industry development. They did not have to wait long for inspiring results. The companies controlled by the Corporation became the largest manufacturers of particle board and plywood in Lithuania; they were also the first to establish business contacts with Sweden’s IKEA – the largest furniture trade company in the world. Wood processing companies controlled by the Corporation are: Klaipėdos mediena AB, Rietavo baldai AB, Sakuona UAB, Girių bizonas AB, Klaipėdos kartonas AB.
Slightly later, in 1995, the IFCWL entered the energy sector and started supplying natural gas. At that time, the Lithuanian-Russian company Stella Vitae was founded (later known as Stella Vitae ir partneriai), likewise the Lithuanian-American companies Iteralit and Itera Lietuva,. However, despite successful development of the energy and wood industry businesses, the Corporation always aspired to enter the highly promising logistics sector in Klaipėda. In 1997–1998, the Corporation got rid of insignificant and ineffective companies, focusing all its forces and investments on increasing its influence in the energy sector and the Klaipėda seaport. In 2000, the IFCWL won the tender and acquired the oil extraction company Geonafta from the State Property Fund, the yearly revenues of which were approximately EUR 16 million. The Corporation also controlled the following logistics companies: UAB Smeltė; UAB Birių krovinių terminalas; UAB Laivų bunkeriavimo kompanija; UAB Bega; UAB Adalgisa; construction and building materials manufacturing companies: UAB Kuršių statyba; UAB Gargždų Mida; AB Klaipėdos kranai; AB Gargždų statyba.