Stora Enso has signed an agreement with the European Investment Bank (EIB) for a EUR 150 million loan to be used for the new container board machine investment project at Ostrołęka Mill in Poland. The loan matures in 2023.
“Our co-operation with EIB is good and we are delighted with EIB’s continuing support for our strategically important investments. The investment at Ostrołęka 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 container board 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,” says Mats Nordlander, Executive Vice President, Packaging Business Area.
The main items for the Ostrołęka project have been procured and construction work is progressing as planned. The EUR 285 million container board machine investment project at Ostrołęka is scheduled to be completed in the first quarter of 2013, as announced on 11 January 2011.