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IBM Stops Work at Lithuanian Research Center, Verslo Says

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Nov. 16 (Bloomberg) -- International Business Machines Corp. has stopped working at a research center it set up with the Lithuanian government in 2010 as the European Union refused to help finance the initiative, Verslo Zinios reported.

IBM put participation in the project on hold several months ago as Lithuania failed to get financing from the EU to match the company’s contributions, the newspaper said, citing Vice Minister of Economy Adomas Audickas.

Lithuania is negotiating with the EU about funding possibilities and with IBM about reducing the government’s commitments, the newspaper cited him as saying.

IBM may cancel its five-year contract with Lithuania by the end of this year if no agreement is reached, Audickas said, according to the newspaper.

To contact the reporter on this story: Bryan Bradley in Vilnius at bbradley13@bloomberg.net

To contact the editor responsible for this story: Balazs Penz at bpenz@bloomberg.net

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