Grigiskes AB - Notification on material event

GRIGISKES AB has successfully implemented the first investment stage of 2011-2013

Vilnius, Lithuania, 2012-05-28 08:58 CEST (GLOBE NEWSWIRE) -- In November 2010
GRIGIŠKES AB management decided to attract own capital for the investment of
future projects, and it was decided to invest part of the attracted funds to
the production of corrugated cardboard packaging. In the beginning of 2011, the
company approved the construction project of corrugated cardboard manufacturing
plant, and raised an ambitious goal - to implement the project within one year.
A total of 20.5 million LTL (5.9 million EUR) was allocated to the project. 

The project was completed within the stipulated time, and a new factory
building was built. The new corrugated board manufacturing unit and the new
corrugated cardboard packaging production lines were equipped in the new
department. They will produce a much broader range of packages and a variety of
custom corrugated products. Before the beginning of 2012, using old equipment,
GRIGISKES AB could only produce up to 15 million sq. m of 4 mm thick ("C" type)
corrugated cardboard and its products. However, since the second quarter of
2012, the new plant can produce 1.5 to 4 mm thick ("C", "B", "E" types)
corrugated cardboard and it items. From now on, buyers are offered much wider
range of products: not only standard boxes, but also packaging made by flat or
rotary cutting of different thicknesses of corrugated cardboard with 4 colours
of prints. "The new corrugated cardboard production unit can produce about 80
million sq. m of products per year," said GRIGISKES AB General Director
Gintautas Pangonis. "According to preliminary estimates, considering the adjustments of initial
investment projects, the investment in this project amounted to about 20.5
million LTL (5.9 million EUR). This project strengthened our position in the
corrugated cardboard market, and we also strive to create greater added value
to our customers and better meet their needs. We hope that after starting the
manufacture with new facilities, we will sell at least 1.5 times more packaging
of products in 2012 than in the last year," G. Pangonis says. 

GRIGISKES AB is the only company in Lithuania and in the Baltic countries,
having a complete cycle of corrugated paperboard production in its group of
companies - from the collection of raw materials (i.e., waste paper) to the
manufacture of final products for consumers. 


         Gintautas Pangonis
         General Director
         (+370-5) 243 58 01