Thermo Fisher Scientific Baltics, a Vilnius-based manufacturer of medical and scientific equipment, has been named the most valuable company in the Baltics for the second year in a row. The value of Thermo Fisher grew by 2 percent year-on-year to more than 6.1 billion euros, according to experts. The number of Lithuanian companies on the list has increased to 10 from eight last year, while their total value grew by 41 percent to 26.3 billion euros.
Revolut Holdings Europe, which controls the European operations of the fintech company Revolut, was named the second most valuable company in the Baltics. The Lithuania-registered firm was featured for the first time and was valued at 5.9 billion euros, according to the list compiled by experts from the Lithuanian investment banking firm Confidentus, the Latvian financial consulting company Prudentia, and the Nasdaq stock exchange offices in Vilnius, Riga, and Tallinn.
Vilniaus Prekyba Group, valued at 4.8 billion euros, dropped from second to third place.
Lithuania-registered Willgrow (formerly ME Investicija), which owns the logistics group Girteka and the industrial property developer Sirin Development, was placed sixth in the list, valued at 2.6 billion euros, while the state-owned energy holding company Ignitis Group (2.5 billion euros) was seventh.
The list also includes Lithuania’s Baltic Classifieds Group (1.1 billion euros), which operates ad websites in the Baltics, the state-owned Lithuanian Railways (1.05 billion euros), the State Forest Enterprise (791 million euros), the Achema Group (730 million euros), and the state-owned electricity and gas transmission group Epso-G (702 million euros).
The number of Latvian companies on the list dropped from six to four. The list also includes 10 Estonian companies and six firms registered in two or more Baltic countries. This is the third time the 30 Most Valuable Companies list has been compiled. About 1,000 companies were evaluated by experts. The study only looked at public data for companies registered in the Baltic countries, so some technology start-ups were excluded.
Thermo Fisher Scientific is the world leader in serving science, with revenues of more than $20 billion and approximately 65,000 employees globally. Their mission is to enable customers to make the world healthier, cleaner and safer. They help customers accelerate life sciences research, solve complex analytical challenges, improve patient diagnostics and increase laboratory productivity. Thermo Fisher Scientific came to Lithuania in 2010, when the company acquired a leading Lithuanian biotech company Fermentas for 260 million USD.
The company specializes in manufacturing products for the life science market, specifically in molecular, protein, and cellular biology, and has an outstanding research and development centre. The products are broadly used worldwide to study gene structure, expression and variety, to creat new diagnostics methods for innate, hereditary and infectious diseases.
Thermo Fisher Scientific Balticshas been awarded the Shingo Prize for operational excellence for its accomplishments in the area of lean management. The prize, which has been dubbed a “Nobel Prize” for manufacturing businesses, is granted by the Shingo Institute, part of the Jon M. Huntsman School of Business at Utah State University. As a winner of the prize, Thermo Fisher Scientific Baltics joins the likes of Boeing, General Electric, Daimler, Johnson & Johnson, Goodyear and Verizon. Since 2010, just 15 companies across the world have been awarded the Shingo Prize.
