Polair, Russia’s major manufacturer of commercial refrigerators, has acquired the majority shareholding of Lithuanian company Snaige.
The property rights to Snaige over the 59.86-% stake will be transferred to Polair by December 12, writes LETA/ELTA.
Polair is said to pay €12.8 million for the holding.
Lithuania-based Snaige is the only manufacturer of domestic refrigerators in Lithuania and the Baltic States.
Snaige currently manufactures a variety of high quality refrigerators for household use and glass-door refrigerators, mini-bar refrigerators and wine refrigerators for companies and hotels. It also manufactures freezers and spare parts.
In 2004, the company acquired another plant in Kaliningrad (Russia).
Snaige exports over 95 percent of its production to more than 40 countries around the world.