Stora Enso said its €150m loan from the EU-run bank would be used for investment in a new container board machine at its Ostrołęka Mill in Poland.
Hailing the support from the EIB, Mats Nordlander, company executive vice president of packaging, said: “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 board machine has a greater capacity and will be boost efficiency through the internal supply of light-weight containerboard made from recycled fibre, he added.
Stora Enso said the main items for the €285m project had already been procured and construction work was progressing as planned, with completion scheduled for the first quarter of 2013.
Mondi in Russia
The EIB also announced that it had agreed a €100m loan with Mondi to upgrade its paperboard, pulp and paper operations at its Syktyvkar site in the Russian Federation.
The cash will also be used to increase power generation from renewable resources, expand the wood yard and improve environmental performance and energy efficiency, said a statement from the bank, which is owned by the EU member states.
The project will further bid to use the ”vast previously underutilised wood resources” in the region, added the EIB.
After completion, the project is expected to result in greenhouse gas savings of some 455 000 tonnes/year.
Albert Klinkhammer, Mondi European marketing and communication director, told FoodProductionDaily.com establishing leading positions in high-growth emerging markets such as Eastern Europe, Russia and South Africa was key to its growth strategy.
He said that 71% of the Group’s net operating assets and 53% of revenue by destination were based in these geographical areas.
“The Syktyvkar operation in Russia is therefore one of Mondi’s key assets,” said Klinkhammer.