AIG pulling out of Lithuania
American International Group (AIG), one of the world's biggest insurance companies, is moving its service center operations out of Vilnius. It is the first services center of a foreign company to announce its intention to discontinue operations in Lithuania.
The company has announced its decision to close the Vilnius services center, which currently employs around 200 people, with its operations to be relocated to other countries of the AIG network by March 2018.
"The Vilnius service center's operations have directly contributed to AIG'S success in Europe. Our experience of investing in Lithuania, in the labor market of Vilnius, was very positive," Chris Newby, Chief Operating Officer at AIG Europe Limited, said in a press release.
AIG'S public relations representative in Lithuania, Arunas Pemkus, said that all employees of the Vilnius center would be offered other employment opportunities.
AIG opened its Vilnius service center in April 2015 to service insurance policies, manage claims and oversee payouts. It was said then that the company planned to create around 350 jobs in Lithuania.
Mantas Katinas, Managing Director at Invest Lithuania, the government's foreign investment promotion agency, says that AIG'S withdrawal from Lithuania is part of the company's long-term business strategy and global restructuring to achieve operational efficiency.
The soft drink giant Cocacola and the potato chips producer Estrella announced the relocation of operations from Lithuania last year.