Grigiskes - Notification on material event

AB GRIGISKES continues to intensively expand the tissue paper business

Vilnius, Lithuania, 2015-09-28 13:17 CEST (GLOBE NEWSWIRE) -- After completing
the largest 20 million euro worth investment project this year, during which a
new paper-manufacturing machine was acquired and installed, and after assessing
the market outlook, AB GRIGIŠKĖS does not intend to stop and will continue to
invest in increasing the manufacturing capacity. 

For this purpose, on September 28, 2015 AB GRIGIŠKĖS and Nordea Bank AB signed
a 6 million euro loan agreement for the development of the tissue paper
business. 

“This year the manufacturing capacity of tissue paper already amounts to 47,000
t per year and we can sell some of it to other paper product manufacturers
ourselves. However, AB GRIGIŠKĖS strategy is to create higher added value,
therefore selling of raw paper is a temporary solution. We are already taking
the first steps to increase the capacity of processing the paper to
end-customer products. We will achieve this by carrying out the next phase of
investment to the tissue paper business with the help of the new loan and our
own funds. 

“Throughout the 2016 the company plans to invest more than 9 million euro. This
investment will be used to expand the manufacturing facilities and purchase a
new domestic paper products production line which will increase the domestic
paper products sales by at least 30%”, company president Gintautas Pangonis
forecasts. 


         Gintautas Pangonis
         President of GRIGISKES AB
         (+370-5) 243 58 01