Lithuanian paper producer Grigiskes AB said that it intends to install a paper machine at its mill in Vilnius, Lithuania. This will be the third stage of the company's investment program previously announced in April 2011 by the company's President, Gintautas Pangonis.
As part of the third stage, Grigiskes and SEB bank AB on Feb. 20 signed a loan agreement for LTL 35 million (EUR 10.1 million.The loan signed on Feb. 20 will be used to purchase a new paper machine, according to Grigiskes.
The machine installation project will take two years and will involve more than LTL 53 million (EUR 15.3 million), the company said.
Start-up of the new machine is expected by the end of 2014.
In a statement, Grigiskes said: “This paper manufacturing machine will be the most modern and will permit the company to adapt more quickly to the ever-fluctuating needs of the market, to satisfy clients' requirements more satisfactorily, to produce a product of even higher quality and to expand the product range.
