2015-03-24 09:18:51 CET

2015-03-24 09:19:52 CET


Grigiskes - Other information

GRIGIŠKĖS AB started to operate new paper production machine 


Vilnius, Lithuania, 2015-03-24 09:18 CET (GLOBE NEWSWIRE) -- GRIGIŠKĖS AB
successfully completed one more investment project - erection of new paper
production machine. 

„As announced earlier, erection of new production line was terminated in the
beginning of March. All components of new machine were tested during first half
of month and this week we produced the first batch of paper. We are very happy
to announce that production start was smooth, and quality of first paper batch
supports our optimistic belief in rightness of the investment. Having started
production with new paper machine, we expect fast growth of our turnover and
profit.” - Gintautas Pangonis, president of GRIGISKES AB says. 

Currently Company employees are rapidly learning the subtleties of the new
equipment operating. Technical parameters of this production line are ahead of
the old ones: paper will be produced at a speed of 1800 m / min., which is two
times faster than the line currently running. This machine will produce 30
thousand tons of paper per year, which is about 1.4 times more than the
capacity of the current ones. The new paper machine will replace the Company's
two oldest ones. 

As already announced, cost of the project including projection, production and
erection of new machine made 15.3 million EUR. Additional 3.5 million EUR were
invested to project related infrastructure and warehouse of paper parent reels.
Purchase of new machine was jointly financed by bank loan and Company's own
resources received after successful emission of shares in 2013. New paper
production line will match the needs of Company's processing lines of paper
products and will allow further development of paper production and sales. 


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