Hexagon says that Devold is experiencing positive growth, however the margins on the products that the company supplies have further fallen following the financial instability of the last few years.

"This is a regrettable, but necessary decision," says Kåre Dybvik, Managing Director at Devold AMT. "There will be a substantial gain from assembling all our production facilities in Lithuania and the company is reliant upon improving its margins in order to reverse the negative development."

The move is part of the company's plans for continued growth in Europe. Further increases in production capacity in Lithuania are planned for the future, and by making deliveries from Lithuania, the company says it will be closer to its clients in the European market and improve the efficiency of the logistics.

Devold's head office will remain in Langevåg, Norway.

In addition to the factories in Langevåg and Lithuania, Devold AMT has a subsidiary in North Carolina, USA, that manufactures composite reinforcements for the US market.

Devold AMT has been developing and producing high performance multiaxial reinforcements for more than 20 years for applications in the wind energy, marine, aerospace and other markets.