"Business doesn’t require immediate large-scale investments, however, we are going to invest in it, because we believe this sector attractive for investment. Until the end of 2014 we plan to invest about 1 billion rubles ($28.5 million). Further investment will be determined in the detailed development strategy," said Mikhail Shamolin.
As Lesprom Network earlier reported, in April, LLC LesInvest, the subsidiary of AFK Systema, has signed a legally binding agreement to acquire from Bank of Moscow 100% of shares of Segezhskiy paper mill and 100% of shares of Derevoobrabotka – Project. AFK Systema acquired Segezhskiy paper mill, Sokolsky paper mill, lumber producers Segezhskiy LDK and and Onezhskiy LDK, particle board producer Karelia DSP, wooden houses producer Sokolskiy DOK, Viatsky plywood mill. The transaction is expected to be closed in 3Q 2014.
“This is a very important acquisition. We know how to raise operating margins; the company is the largest manufacturer of sack paper and paper sacks in Russia and the second largest manufacturer of paper bags in Europe. The revenues in foreign currency reach 54%,” noted Mikhail Shamolin.
