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Denmark's Nielsen & Nielsen to hire 40 finance professionals in Kaunas 

April 06, 2012, Invest lithuania
Lithuania's targeted efforts to become a Northern European service centre are showing results. Denmark's Nielsen & Nielsen Holding A/S has recently opened a financial service centre in Kaunas, and now intends to hire forty highly skilled finance and accounting professionals.

While a number of financial sector companies have already established service centres in Lithuania, this is one of the first instances when a group of manufacturing and sales companies has done the same. The value of the investment will exceed LTL 11.7 million (EUR 3.4 million), and the centre will provide services to a group companies engaged in the manufacture of beer dispensing equipment, industrial gates, digital television signal receivers, sensors and other products in Lithuania

The staff will provide accounting services to Nielsen & Nielsen companies with plants in Denmark, Lithuania, Great Britain, the US and China. Similar investments in Lithuania from other industrial groups are expected this year.

“It is encouraging that a manufacturing company established their accounting centre in Lithuania. Barclays, Western Union, SEB and other companies that have chosen Lithuania earlier and established their shared services centers here all came from the financial services sector,” said Managing Director of Invest Lithuania Milda Dargužaitė.  

According to Nielsen & Nielsen, one of the reasons for choosing Lithuania was the excellent performance of the beer dispensing equipment supplier Micro Matic UAB, established here back in 2004."As we established the the service centre, we analysed the country's investment environment, labour market and several other criteria. We are confident that we can organise a strong team of highly qualified employees," said the head of the new service centre Artūras Pankevičius.

Recent years have shown that foreign corporations are eager to come to Lithuania during an economic downturn, moving their IT, accounting and customer service units here. Given decreased demand, they have a greater need for savings, aiming to provide the same quality of services at a lower price from Vilnius, Kaunas and other Lithuanian cities, compared to other cities further West.

Nielsen & Nielsen Holding A/S controls four groups of companies - Micro Matic, Nassau Door, Triax and Senmatic - engaged in the manufacture of beer dispensing equipment, multimedia, the manufacture of industrial gates and integrated control solutions for greenhouses. The company has product sales and development representatives in Europe and throughout the world.

According to the Bank of Lithuania, as at 31 December 2011, FDI in Lithuania amounted to LTL 37.2 billion (EUR 10.8 billion), up by 4.5% from 2010. FDI per capita averaged LTL 11.615 (EUR 3.364). FDI inflow to Lithuania in 2011 made up LTL 3.02 billion (EUR 0.87 million) or 2.8% of GDP.