Grigiskes AB - Notification on material event

GRIGISKES AB is planning transference of a part of activities (wood fiber board manufacture) to a subsidiary

Vilnius, Lithuania, 2011-12-02 13:08 CET (GLOBE NEWSWIRE) -- In order to
increase efficiency of manufacturing processes, to optimize the acquisition of
raw materials, production supplies, production and logistics processes, to
reduce costs and increase profitability of business segments, on the 1st of
December 2011 the Board of GRIGISKES AB decided to transfer one of segments of
GRIGISKES AB activities - the production of wood fiber board - to 100% owned
subsidiary Baltwood UAB, in exchange for newly issued shares of the company. 

Along with the activity to be transferred GRIGISKES AB will pass the property,
rights and obligations relating to processing of the wood fiber boards,
including but not limited to, real estate and equipment needed the activities
to conduct, commitment to employees and other rights and obligations arising
from existing agreements. 

GRIGISKES AB prearranges to implement the transfer of a part of activities
(wood fiber board manufacture) to Baltwood UAB in the beginning of 2012. 

After the transfer of a part of activities of GRIGISKES AB both of mentioned
companies will continue to operate at the same address as before the transfer -
in Vilniaus g. 10, Grigiškių m., Vilniaus m. sav. The main activity of
GRIGISKES AB will remain production of tissue paper products and corrugated
cardboard packaging production and Baltwood UAB will focus on activities
related to wood processing, here will continue to work skilled workers
currently employed in GRIGISKES AB in activity planned to be transferred. 

The Board of GRIGISKES AB believes that the fact of transferring of the part of
activities of GRIGISKES AB will not have significant impact on financial
indicators of the Group of GRIGISKES AB. However, it will help to optimize the
management of Group's activities, which is likely to result in a higher
profitability of activities and return to shareholders. 


         Gintautas Pangonis
         General Director
         (+370-5) 243 58 01