Snaige AB - Notification on material event

AB „Snaigė“ is reducing operational costs

21th of January, 2009. The only domestic refrigerators manufacturer in the      
Baltic states AB „Snaigė“ continues to implement radical means in order to      
increase efficiency of the company operations and reduce manufacturing costs.   

According to general director Mr. Čeika, operation expenses will be decreased   
not only by saving and more strict control of company‘s spending, but also by   
decreasing number of employees. In the first quarter of this year the number of 
employees in the Alytus factory will be decreased by approx 300. These changes  
are determined not only by declining consumption of products but also by the    
drastic devaluation of local currencies in the company's strategic markets.     

“The devaluation of local currencies in Russia and especially in Ukraine has    
struck not only us but all the exporters of large domestic appliances”, -       
comments G. Čeika. “Sales in these very important for us markets have stopped   
and there is no evidence that these markets will revive in this quarter. As a   
result, we had to reduce manufacturing plans and decrease number of employees.  

Mr. Čeika has stressed that AB „Snaigė“ will create all possible opportunities  
to alleviate social consequences of the workforce cut. According to him, the    
special work group is formed in the company responsible for the issue. „We will 
invite representatives of Lithuanian labour exchange and training centers which 
will consult our employees“, - said Mr. Čeika.                                  

G. Čeika does not reject a possibility that the company will try to re-hire part
of fired employees when situation becomes better.                             


About AB „Snaigė“                                                               

AB „Snaigė“ is the only domestic refrigerators manufacturer in Lithuania and in 
the Baltic states. The company manufactures high quality domestic refrigerators,
glass-case refrigerators, refrigerators - minibars, wine refrigerators for      
institutions and hotels, refrigerators - freezers and spare parts for           
refrigerators. The company exports 97 percent of production to Western and      
Eastern Europe. In total the manufacturer sells its production to 40 countries. 
More than 2000 employees work in the group of Snaige companies. The company     
controls factories in Lithuania and Kaliningrad.


Director General
Gediminas Čeika
+370 315 56206