Business news from Ukraine

Lithuania’s Alwark, the company involved in loading, warehousing, trade and lease of construction, communal and loading equipment, a representative of Linde Material Handling in Lithuania and Latvia – has acquired Linde Material Handling Ukraine LLC (LMH Ukraine), the subsidiary of Germany’s Linde Material Handling GmbH.
“Entering the Ukrainian market is a new business development opportunity for us,” Gediminas Šimkus, a shareholder of the Alwark group, said in a press release.
The cost of the deal was not disclosed.
In Ukraine, Alwark will represent Linde MH forklift trucks and warehousing equipment. The company hopes to cover up to 10% of the Ukrainian market in the next two or three years, and in the long run – 20% of the market share.
The Alwark group includes the eponymous companies in Latvia and Estonia, Pramoniniai sepeciai, Mobile Heavy Machinery in Lithuania and Ukraine. The consolidated turnover of the group in 2020 exceeded EUR 43 million, and profit before tax totaled EUR 2.7 million.
LMH Ukraine LLC in the first half of 2021 increased its revenue by 51%, to UAH 76.5 million, seeing a net profit of UAH 4.2 million compared to a net loss of UAH 0.7 million in the first half of last year.
In the public register of Ukraine, Lithuanian Alwark indicated as the owner of the limited liability company, and its beneficiary is the citizen of Finland Lauri Kustaa Äimä.