New CEO takes the helm at Teltonika IoT Group
Lithuanian technology company group, Teltonika, is starting a new phase of activity. The group's parent company, Teltonika IoT Group has a new CEO, and as it enters new business areas, new groups of companies that will work independently are being formed
The aim is to separate the companies developing IoT products from the companies providing electronics manufacturing, component supply, semiconductor chip manufacturing and design services, a press release reads.
Arvydas Paukštys will therefore hand over the management of the Teltonikas group of companies but remain 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 will from now be in charge of the whole Teltonika company group. He started his career at Teltonika over a decade ago and most recently held the position of Vice President of Continents 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 Arvydas Paukštys in a press release.
Arvydas Paukštys owns 100% of AGP Investments shares together with his family.
Following the decision of AGP Investments, 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.
Once completed 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 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.
