23rd Jun 2021 09:52
(Alliance News) - Addlestone, England-based paper and packaging firm Mondi PLC on Wednesday announced its approval of a EUR125 million capital investment into its semi-chemical fluting mill in Kuopio, Finland.
The investment is expected to increase the facility's capacity by 55,000 tonnes per annum, in order to meet growing demand as well as enhance product quality and cost-competitiveness.
The investment project includes an upgrade of the wood yard, fibre line, evaporation plant and paper machine. The start up of the project has been scheduled for the fourth quarter of 2023.
"We are pleased to continue building our portfolio of sustainable packaging to meet our customers' needs, leveraging the opportunities offered by our integrated, cost-advantaged asset base," said Chief Executive Officer Andrew King.
Shares in Mondi were down 0.3% at 1,887.00 pence on Wednesday in London, while its Johannesburg shares were 1.3% lower at ZAR372.90.
By Dayo Laniyan; [email protected]
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