Austrian firm Hamburger Containerboard to invest $360 million in paper mill in western Turkey AA Photo
Austrian Prinzhorn Group's container board subsidiary Hamburger Containerboard has pledged to set up a paper mill with an investment of 300 million euros ($360 million – TL 1.237 billion) in Turkey's western Kütahya province.
The announcement was made by Prime Ministry Investment Support and Promotion Agency President Arda Ermut and Prinzhorn Holding CEO Cord Prinzhorn on Wednesday.
Stating that the Austrian company is one of the biggest paper and paperboard producers in Europe, Ermut said that the deal should not be only seen as a great investment opportunity but also as a way to help raise environmental awareness thanks to Hamburger's eco-friendly policy.
Meanwhile, Harald Ganster, General Manager of Hamburger Containerboard GmbH, said that the investment was a long term project, and that they aim to recycle as much as they can and produce high-quality paper while consuming the least amount of energy possible.
According to the press release, the new paper mill will have an annual production capacity of 480,000 tons of container board, and is expected to be completed by 2020. The investment is the company's first investment from scratch in Turkey and its third paper mill in Turkey. The mill is also expected to create 500 new jobs.
Source: Daily Sabah