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Gabriel Holding A/S's Subsidiary Establishes New Company in Lithuania


Wednesday, 7 Nov 2012 09:40am EST 

Gabriel Holding A/S announced that its subsidiary established the company FurnMaster UAB in Lithuania on October 29, 2012. FurnMaster UAB was established as an upholstering entity whose object is to support the Group’s continuing strategy via production services within the area sewing and upholstering of components and completed furniture. FurnMaster UAB was established with share capital of LIT 10,000. The equity in the company is 90%. The remaining 10% is owned by the company’s manager. An agreement was entered into on November 7, 2012 with a Lithuanian production partner on taking over this company’s assets, which comprise the production basis in FurnMaster UAB. Gabriel A/S has also entered into an option agreement with the minority shareholder on taking over the minority holding within the next two years. 

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1 Sep 2014