Stora Enso Signs EUR 150 Million Loan Agreement to Finance New Containerboard Machine
Dec. 21, 2011 - Stora Enso has signed an agreement with the European Investment Bank (EIB) for a EUR 150 million loan to be used for the new containerboard machine investment project at Ostroleka Mill in Poland.
The loan matures in 2023, Stora Enso said.
"Our co-operation with EIB is good and we are delighted with EIB's continuing support for our strategically important investments," said Mats Nordlander, Executive Vice President, Packaging Business Area.
"The investment at Ostroleka will strengthen our competitive position in corrugated packaging in the growing markets of Central and Eastern Europe, and is one more step in building sustainable and profitable growth for the Group.
"The new containerboard machine with a modern product and greater capacity than the machine it replaces will not only renew our product offering, it will also improve our overall cost position through efficient internal supply of light-weight containerboard made from recycled fibre," Nordlander added.
The main items for the Ostroleka project have been procured and construction work is progressing as planned.
Stora Enso expects the EUR 285 million containerboard machine project to be completed in the first quarter of 2013.
SOURCE: Stora Enso