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Lithuainian Klaipedos Kartonas Invests in Capacity Expansion

Klaipėda, Lithuania 14 July 2015 -- Klaipedos Kartonas AB, a subsidiary of Grikiskes AB, has started an essential project for the modernisation of their paper production machine. The aim of the project is to double the company's production capacity within 3-5 years. As specified in a notice of Grikiskes AB dated 04 June 2015 and commented on in a meeting with investors on the same day, the strategy of the subsidiary is to implement this project in three stages.

Klaipedos kartonas AB and Voith Paper S.A., which belongs to the Voith GmbH Company, have signed a supply agreement for new equipment amounting to EUR 9.3 mln and have started the first stage of the modernisation project for the paper production machine.

"We are going to invest EUR 13.6 mln in the project during this stage. The working speed and volume of paper production are going to increase by 30% by the end of the third quarter of 2016, after the new equipment is manufactured and mounted. At the same time, the manufacturing production qualitative parameters are going to be improved and the range is going to be expanded. Taking into account the increasing demand for production, we hope that these investments help the company strengthen its position within the international markets", stated Gintautas Pangonis, the President of Grikiskes AB and the Chairman of the Board of Klaipedos kartonas AB.

This year, Klaipedos kartonas AB will also invest into increasing the production volume of paper honeycomb and, in October, plans to start a second paper honeycomb production line. Investments planned: more than EUR 1.4 mln.

It is expected that when the new line is started, the paper honeycomb production capacity will increase by almost three times.


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