Vilnius, Lithuania, 2015-09-28 13:17 CEST (GLOBE NEWSWIRE) -- After completing the largest 20 million euro worth investment project this year, during which a new paper-manufacturing machine was acquired and installed, and after assessing the market outlook, AB GRIGIŠKĖS does not intend to stop and will continue to invest in increasing the manufacturing capacity.
For this purpose, on September 28, 2015 AB GRIGIŠKĖS and Nordea Bank AB signed a 6 million euro loan agreement for the development of the tissue paper business.
“This year the manufacturing capacity of tissue paper already amounts to 47,000 t per year and we can sell some of it to other paper product manufacturers ourselves. However, AB GRIGIŠKĖS strategy is to create higher added value, therefore selling of raw paper is a temporary solution. We are already taking the first steps to increase the capacity of processing the paper to end-customer products. We will achieve this by carrying out the next phase of investment to the tissue paper business with the help of the new loan and our own funds.
“Throughout the 2016 the company plans to invest more than 9 million euro. This investment will be used to expand the manufacturing facilities and purchase a new domestic paper products production line which will increase the domestic paper products sales by at least 30%”, company president Gintautas Pangonis forecasts.
Gintautas Pangonis
President of GRIGISKES AB
(+370-5) 243 58 01