Restructuring events
European Restructuring Monitor (ERM)
The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
The Lithuanian company Baltik vairas, one of the largest bicycle manufacturers in the Northern Europe, will create 70 new jobs in Siauliai in 2020. Although the company had to temporarily suspend its production after the onset of the COVID-19 pandemic in early April of 2020, the number of orders has increased significantly since August 2020 and currently the company is expanding its activities.
Baltik vairas will hire 70 locksmith assemblers by the end of 2020 to work at the assembly lines in its factory in Siauliai. According to the management, as the pandemic continues, more and more people will be ready to switch from public transport to bicycles.
Baltik vairas was established in Lithuania in 1949 as a State-owned bicycle manufacturing company. Currently, the company produces more than 300,000 bicycles per year, most of which are exported to other Western European countries. The company is owned by KJK Sports and employs 483 employees.
Eurofound (2020), Baltik vairas, Business expansion in Lithuania, factsheet number 102702, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/102702.