EU INVESTMENT AND CLEAR GOALS GROW COMPANY DOUBLE SIZE
Bio Circle Balticum, a Lithuanian company which will celebrate its decade of operation next year, have grown more than double during the pandemic period. The growth was determined both by the direction of the company and the clever investment of EU funds together with the Lithuanian Business Support Agency (LVPA).
In a new factory, built in the suburbs of Vilnius, the company produces several dozen types of advanced products for surface cleaning and care. Biologically active products are designed for daily use and are environment- and human health-friendly.
Bio Circle Balticum supplies its products to to different industries in Lithuania and worldwide: automotive, energy, metal processing, food industries, agriculture, transport, crafts, production of industrial cleaning equipment. Mainly production is exported to Russia, Latvia, Poland, Germany.
According to Deputy Director Romualdas Mikštas, 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 the international exhibitions, where we found foreign partners and started exporting our products to them. We built modern factory to produce chemicals- and microorganism-based detergents, we implemented innovative solutions in the company and expanded production in the field of COVID-19 products”
R. Mikštas
4 projects worth more than 3 million
Together with LVPA, the company implemented 4 projects. Their total value exceeded 3.3 million EUR, 1.6 million Eur was allocated as EU investment.
“Without this support, the positive processes in the company would have been slower. It would have been more difficult to decide to move forward with our own funds or business loan. Support means shared risk, and such decisions usually pay off.”
R. Mikštas
Having received Almost 1.3 million Eur of EU support from Regio Invest LT + funds have let Bio Circle Balticum build a new factory with modern and innovative production lines and to create new jobs in microorganism-based detergent production.
To strengthen the competitiveness of the company abroad and increase sales in foreign markets, to ensure stable growth of revenue and high profitability, the company together with LVPA implemented 2 projects under the measure “New Opportunities LT”.
“We diversified the geography of export markets – strengthened our position in existing markets and entered a new ones”.
R. Mikštas.
300 thousand Eur were invested to proceed the development of COVID-19 related production. The development project have enabled the company to expand its production of regular bottles and small sachets of hand sanitizers. Moreover, company launched a new generation of sanitizers that effectively protect against viruses, including coronavirus. They are safe for skin and respiratory tract and are designed to effectively disinfect public premises, such as hospitals, clinics, gyms, schools.
Turnover doubled in one year
According to R. Mikštas, Bio Circle Balticum more than doubled during the pandemic. The turnover in 2020 alone amounted to 3.6 million Eur, when 2019 it amounted to 1.55 million Eur.
“Flexibility helped us to withstand the challenge of the pandemic, adapt to the changes in the market in time. We were able to deliver new products and services of hand and surface disinfection to large industrial companies rapidly”
Deputy CEO.
Arūnas Burinskas, Deputy Director of LVPA Investment Management Service, states that the company has implemented all projects responsibly, therefore the positive results are obvious. “Clear goals let invest EU funds purposefully and efficiently. In this way, not only company, but the entire country’s economy benefits,” adds A. Burinskas.
Bio Circle Balticum plans to continue seeking EU funding in the future through the introduction of renewable energy sources and the development of new innovative products.
