Expansion with multimillion investments in equipment and facilities in Lithuania
Altechna paves the way to US expansion with multimillion investments in equipment and facilities in Lithuania
The new premises are equipped with the most advanced technologies to meet growing customer demand and orders. Since 2022 Altechna has invested more than €8 million in cleanrooms and technological equipment and is currently planning further expansion in the US that will include a major acquisition.
According to Altechna CEO Antanas Laurutis, the breakthrough in the US market was primarily driven by changes happening in global supply chains. With the country actively seeking alternative suppliers outside China, Altechna has directed its development strategy specifically towards meeting the needs of US customers. Last year, the company saw its revenue reach a record €16.7 million, 30% higher than in 2021, and estimates that its turnover this year will be €18-20 million.
“These last few years have shown that there’s a lot of market opportunity in the US, which no longer wants to be completely dependent on China and is looking for new supply sources,” says Laurutis. “To take advantage of this, last year we made the largest investment in our history. In addition, a business development manager with experience in world-leading companies joined our management team. We are also currently negotiating the acquisition of a technology company in the US, and foreseeing more acquisitions in the coming year.”
Altechna has doubled its income in the US market in the past few years, and, according to Laurutis, can triple it in 2023. Meanwhile, he predicts that this year’s exports to the US will amount to at least 25% of the total revenue.
Altechna is also expanding in Europe, historically its largest market. The company recently hired a new business development manager from Switzerland to strengthen its position in the DACH region of Germany, Austria, and Switzerland, and find new growth opportunities on the old continent.
We have a great team both here and in key foreign markets. Our specialists have long proven that they are among the best in the world, and we therefore feel strong and ready to make a jump.