TELTONIKA STARTS A NEW PHASE OF BUSINESS DEVELOPMENT, CHANGING THE MANAGER AND FORMING NEW COMPANY GROUPS
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Teltonika, a Lithuanian high-tech company group, enters a new phase of its business operations. The group’s parent company Teltonika IoT Group now has a new CEO, and as it steps into new business areas, new separately operating groups of companies are being formed. The aim is to separate the companies developing IoT products from the companies providing electronics manufacturing, component supply, and semiconductor chip manufacturing and design services.
Arvydas Paukštys transfers the management of the Teltonika company group and remains in charge of the investment management company AGP Investments. Marius Derenčius takes over as president of the company Teltonika IoT Group, which controls the Teltonika brand companies, and from now on is in charge of the whole Teltonika company group. He began his career at Teltonika over a decade ago and most recently acted as vice president for profit centres’ business development.
“These changes stem from the business development plans of the investment company AGP Investments. By implementing them, we are consistently increasing the number of our business activities. I am handing over the management of Teltonika to an experienced leader who has dedicated many years to the development of our IoT products business. I believe that this change will allow Teltonika to focus on its ambitious global growth plans, while my increased involvement in AGP Investments’ projects will help other businesses to grow faster,” says A. Paukštys, who owns 100% of AGP Investments shares together with his family.
Following the decision of AGP Investments’ shareholders, new groups of companies will be formed, operating separately from the Teltonika brand companies. Their activities will include electronics manufacturing services and semiconductor chip design and manufacturing.
These activities will be carried out in the Teltonika High-Tech Hill technology park in Vilnius. The 55-ha Teltonika High-Tech Hill park in Liepkalnis will be built in several phases over five years. It will house more than ten new industrial and administrative buildings, employing around 6,000 people. Three new plants are currently under construction. By 2025, two of the factories will launch the production of printed circuit boards (PCBs) and plastic and mechanical components. The third one is a new electronics assembly plant with an annual production capacity of more than 18 million products. The total investment in Teltonika High-Tech Hill will amount to several billion euros.
