WITH EU INVESTMENT, THE PATHS TO THE GOAL BECOME SMOOTHER
In a new factory built in the Vilnius region, the company produces dozens of different advanced products for cleaning and maintaining bioactive surfaces for everyday use, which are friendly to the environment and human health.
The Lithuanian and foreign automotive industry, energy, metalworking, food, agriculture, transport, crafts and the manufacture of cooling duct cleaning equipment are all areas where Bio Circle Balticum’s products are used. The main export destinations are Russia, Latvia, Poland and Germany.
According to Romualds Mikštas, the company’s Deputy Director, Bio Circle Balticum has implemented a number of EU-funded projects, all of which have contributed significantly to the company’s success.
‘We participated in international exhibitions where we found foreign partners and started exporting our products to them, built a modernised plant for chemical and micro-organism-based cleaners, introduced innovative solutions in the company and expanded our production volume in the field of Covid-19 products,’ says Mikštas.
Forward and upward
Together with the LBSA, the company implemented four projects. Their total value exceeded EUR 3.3 million and they received over EUR 1.6 million in EU investment under contracts with the Agency. ‘Without this support, the positive processes in the company would be slower, as it would be more difficult to decide whether to move forward on our own or with borrowed funds. But with support, the risk is shared, and such decisions usually pay off,’ says Mikštas.
After receiving almost EUR 1.3 million of EU support under the ‘Regio Invest LT+’ measure, Bio Circle Balticum built a new factory with modern and innovative production lines for chemical and micro-organism-based cleaners, and created new jobs.
The company together with the LBSA implemented two projects under the ‘New Opportunities LT’ (Naujos galimybės LT) measure by strengthening the company’s international competitiveness, achieving stable revenue growth and high profitability, and increasing sales in foreign markets. ‘This helped us to diversify the geography of our export markets – to strengthen our position in existing markets and enter new ones,’ says Mikštas.
Over EUR 300,000 received during the implementation of the Covid-19 product development project enabled the company to expand the production of hand sanitising liquids and gels in standard capacities and small sachets. New production was launched of these liquids, which effectively protect against viruses, including coronavirus. They are safe for the hands, the skin and the respiratory tract, and are intended for the effective sanitisation of large public areas such as hospitals, polyclinics, gyms and schools.
Together on the road to development
According to Mikštas, Bio Circle Balticum has more than doubled its growth during the pandemic period, with a turnover of EUR 3.6 million in 2020 alone, when in 2019 it amounted to EUR 1.55 million. ‘Flexibility, timely and rapid adaptation to market needs in the field of hand and surface disinfection, as well as the launch of new products and the provision of services to major industrial companies, helped us withstand the challenges of the pandemic,’ says Mikštas.
Arūnas Burinskas, Deputy Director of Investment Management Services of the LBSA, says that the company has implemented all projects responsibly, therefore the positive results are obvious. ‘Project promoters with clear objectives invest EU funds in a targeted and efficient way, so not only do they benefit, but also the entire country’s economy,’ says Burinskas.
In the future, Bio Circle Balticum plans to continue seeking EU funding through the introduction of renewable energy sources and the development of new innovative products.
‘We see the LBSA as an important partner and advisor that helps us with various issues – from completing, submitting and evaluating the application to administrating and completing the project, submitting annual reports, and inspections organised,’ says Mikštas. He assures that for some companies the goodwill and business-like partnership grows the business, and for other companies it is the authority in the business community.