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Japan’s Mimaki Engineering, one of the leading producers of ink jet printers and equipment for textile and graphics industry, is investing in the production business of ink for digital printing in Lithuania.

The company said that the group’s Mimaki Europe, a Dutch company, intended to establish a subsidiary in Lithuania and had already concluded a deal with Veika of Vilnius on takeover of part of its business.

Aleksejus Etinas, senior technologist at Veika, told LETA/BNS that Japan’s Mimaki intended to purchase the business of digital ink production but refused to disclose the value of the part of the business up for sale.

Mimaki Engineering said the business it was buying had generated ±R37m in revenue last year, while operational profits stood at R75m.

According to data provided by the Center of Registers, 93% of Veika’s shares are owned by its CEO Jakovas Etinas, while the rest of the stake is owned by the company. In 2015, its consolidated turnover stood at R229m and the net profit was ±R31.5m. The Lithuanian company has four subsidiaries in Belarus.