OREANDA-NEWS. March 10, 2010. The Estonian paints reseller OU Varvikeskuste Grupp (Paints Center Group) that operates under the Sadolini Varvikeskus trade mark recently signed a contract by which it acquired a 60 percent holding in the Lithuanian paints reseller, Multikontraktas, the business center Aripaev reported.

The Lithuanian company is planning to open a paints store in Vilnius.

Last November Varvikeskuste Grupp established its Latvian subsidiary Krasu Grupa. It operates a paints store and warehouse in Riga.

"We have become the biggest company specializing in the sale of paints in Estonia and opportunities of growth are limited in our own country," said Olle Saare, CEO and owner of Varvikeskuste Grupp.

"At present it is extremely difficult to earn a profit from these markets but we will do our best to avoid a major loss. If the market becomes normal at least a little, we are already in the picture or have won a certain position," Saare commented on the situation on the Latvian and Lithuanian markets.

The turnover of Varvikeskuste Grupp in 2009 was 90 million kroons (EUR 5.7 mln).