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New Paroc financial service centre to get EUR 4.8 million investment 

May 17, 2012, Invest lithuania
Lithuania is one step closer to its goal of becoming the key hub for business service centres in North-Eastern Europe. The Paroc Group, a leading European manufacturer of stone wool insulation materials, has opened a financial services centre in Vilnius.

Over the next five years, about 50 jobs for highly skilled finance professionals will be created. The centre currently employs 22 finance professionals, a number that is expected to increase to 36 by the end of next year.

Over EUR 4.8 million will be invested in the development of the centre.  “The Paroc financial service centre is one of the best examples the kind of investment projects we anticipate,” Milda Dargužaitė, Managing Director of Invest Lithuania, said. “They create well-paid jobs for highly skilled professionals whose services are in demand worldwide. In this way, Lithuania becomes known for our people and their skills, and this provides a huge competitive advantage in trying to attract further investments.”

In the near future, the Paroc financial service centre in Vilnius will provide all financial and accounting services to the Paroc Group of companies in Scandinavia and the Baltics, Poland and other Eastern and Western European countries. Financial operations will be performed in a total of 12 countries.

In June, the centre will take over the management of Paroc Group financial operations currently performed in Finland, with the remaining operations to be taken over in August, including the preparation of Paroc Group financial reports.

“One of the group’s largest production units has already been successfully operating in Vilnius for 15 years. In addition, there is a well-developed infrastructure. We knew we would find highly qualified and competent staff here.  These factors, added to Lithuania’s geographical location, give us hope that the Vilnius-based financial service centre will operate effectively,” said Mikael Ljungberg, the head of the Paroc financial service centre.