“Construction has not yet been launched since there is a lot of bureaucracy and hurdles. A farm machinery service center will be built first. This will be followed by a shopping center and the expansion of branches,” Adomas Balsys, Lytagra CEO and key shareholder, told BNS.
The construction of the service center was expected to be finalized in mid-October, he said. The construction of the shopping center would be launched this year and finalized next year. The company should invest up to 6 million litas (EUR 1.74m) in Latvia this year.
“We believe that the turnover will grow somewhat because it will soon be three years since we have entered Latvia’s market,” Balsys said.
Expansion opened up better possibilities for the company to negotiate more favorable terms with large farm machinery manufacturers, he added.
Farm machinery manufacturer New Holland is one of the key companies cooperating with Lytagra.
Latvia’s assets of Lytagra currently include a central warehouse in Riga and three branches.
Lytagra group operates 29 subsidiaries, branches, and shopping centers. The Balsys family owns 71 percent of shares in the farm machinery supplier.
