Finland’s Vaasan & Vaasan Group has invested in extending its operations at the company’s Panevezys Bakery in Lithuania.

The Lithuanian unit of Vaasan & Vaasan, Vilniaus Duona, has spent LTL33m (US$14.7m) on upgrading its Panevezys production site.

The company said that the investment meant that the facility was now “one of the most efficient bakeries in the Baltics”.

“The development of Vilniaus Duona’s production structure is proceeding according to plans. Now we have even better prerequisites than before to succeed in the Lithuanian and the Baltic markets also in the future,” said Kalle Tanhuanpää, CEO and MD of Vaasan & Vaasan.

Vilniaus Duona is the clear market leader in Lithuania and it has bakeries in Vilnius and Panevezys. Vilniaus Duona’s net sales for fiscal 2007 totalled LTL95.3m.

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The company intends to further expand its production capacity in the region through the construction of a new factory in Vilnius.