The Lithuanian wood processing group, VMG Group, has suspended its plan to build a particleboard factory in neighbouring Latvia for an indefinite period, Baltic News Network reports, citing business news portal Verslo Zinios. Rimas Varanauskas, shareholder of the project’s partners, Lithuanian furniture manufacturers Freda and Freda II, said that the project was put on hold until the economy recovers. VMG had announced a plan to invest EUR 190mn in the new factory in Jekabpils in 2021, Jekabpils Laiks reported.
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