Panther’s Baltik Vairas Sold to Danish Investor
SIAULIAI, Lithuania – German bicycle company Panther International AG has sold its Baltic Vairas factory, based in Lithuania, for an non-disclosed amount to a Danish investor. This was officially confirmed by Baltic Vairas CEO Dirk Zwick.
The Danish investor in UAB Baltic Vairas is a related person of Niels Peter Preztmann, board member at UAB Baltic Vairas last March. According to an economic report by the Polish embassy in Vilnius, Lithuania, “The new owner intends to invest in the development of the production, but the amount was not specified. The new investor wants to start up more parts and components production on site, instead of sourcing them from China. This should shorten lead-times considerably.”
Subsidiary in Germany
“To strengthen our technical know-how and offer customer service Baltik Vairas already registered a subsidiary in Germany, which is called BV Cycles GmbH”, explains Dirk Zwick.
“Andre Fuchs is general manager of this newly established company. He is well known in the bicycle business as general manager of SI Zweirad Service GmbH, responsible for product development and service at the Prophete group, including the brands Rabeneick and Kreidler.”
Reorganize product development and sales
“As part of Panther Group product development and sales were centralized in Germany, but now we will have to do it ourselves again,” explains Zwick in the Lithuanian business newspaper Verslo žinios. “Another important task is to convince new customers that we are a reliable manufacturer.”
“Bernard Fisher is our trade agent for the Western Europe. He has been working for more than 20 years at the Panther group so he has acquaintance with many of our customers. The only exception is the German market which will be handled by Panterhwerke AG during a period of transition.”
“Our main strength is our portfolio, with well-known brands mainly based in Germany, Scandinavia, Benelux, Switzerland and Austria,” says Dirk Zwick.
UAB Baltic Vairas was the largest manufacturing company of Panther International GmbH, with nearly 600 employees, a capacity of 350,000 units and approximately 40,000 square meters of production and warehouse space.