Ilim group investing $580 mln in modernization this year
ST. PETERSBURG. Sept 7 (Interfax) - OJSC Ilim Group is investing around $580 million this year in the modernization and expansion of its enterprises, a statement from the company press service says.
Including 2012 investments, the total amount of company investment since 2007 will exceed $1.8 billion, which is more than the group announced five years ago, company chief Paul Herbert is cited in the release as saying.
Herbert notes that the company is now wrapping up the building of a production line for softwood pulp in Bratsk, with around $800 million being invested in it. The group is also building a new paper-making facility in Koryazhma costing more than $270 million. These projects are slated for completion this year.
After current projects are finished, Herbert said, the company plans to invest in setting up the production of packaging products for the Russian market and expanding pulp production in Siberia, so as to meet Chinese market needs and those of other countries in Southeast Asia.
Ilim Group completed its reorganization at the beginning of July 2007. It was set up with Ilim Pulp assets by means of transitioning to a single stock OJSC Kotlassky Pulp and Paper Co. , OJSC Cellulose-Cardboard Combine, OJSC Bratskkomplekskholding, and OJSC PO Ust-Ilimsk Timber Industry Co., and joining them to Ilim Group.
The complexes were reformed into company branches located in Koryazhma, Bratsk, and Ust-Ilimsk. The group's main offices are located in St. Petersburg.
