Lithuania, 26 March 2015 -- Lithuainian Grikiskes AB successfully completed one more investment project - erection of new paper production machine.
"As announced earlier, erection of new production line was terminated in the beginning of March. All components of new machine were tested during first half of month and this week we produced the first batch of paper. We are very happy to announce that production start was smooth, and quality of first paper batch supports our optimistic belief in rightness of the investment. Having started production with new paper machine, we expect fast growth of our turnover and profit"Gintautas Pangonis, president of Grikiskes AB says.
Currently company employees are rapidly learning the subtleties of the new equipment operating. Technical parameters of this production line are ahead of the old ones: paper will be produced at a speed of 1800 m / min., which is two times faster than the line currently running. This machine will produce 30 thousand tons of paper per year, which is about 1.4 times more than the capacity of the current ones. The new paper machine will replace the Company's two oldest ones.
As already announced, cost of the project including projection, production and erection of new machine made 15.3 million EUR. Additional 3.5 million EUR were invested to project related infrastructure and warehouse of paper parent reels. Purchase of new machine was jointly financed by bank loan and Company's own resources received after successful emission of shares in 2013. New paper production line will match the needs of Company's processing lines of paper products and will allow further development of paper production and sales.