“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 GRIGISKES AB says.
As already announced, cost of the project including projection, production and erection of new machine made Euro 15.3 million. Additional Euro 3.5 million 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.
