Papacks Declares EUR 10 Million Investment in German Mill Expansion
Paper Recycling | 2020-10-05 19:35:33
The company has planned further productions, with another production being planned at the acquired property by 2022.
By Paul Ploumis
SEATTLE (Scrap Monster): Germany-based Papacks announced its decision to invest over Euro 10 million in Arnstadt mill. The investment at Papacks Gigafactory 1 will create around 20 new jobs. The company has already secured support from the Ministry of Economic Affairs under the framework of the EU subsidy law options.
The company has planned further productions, with another production being planned at the acquired property by 2022. This will expand the mill area and almost double the production capacity at the facility from 180 million to 360 million pieces per annum. Recently, the company had made significant investment in Appingedam, the Netherlands production facility.
Announcing the decision, Tashin Dag, Founder and CEO of PAPACKS said that it intends to transform Arnstadt as Europe’s largest producer of paper fiber molded parts for packaging for the food, medical and pharmaceutical industries. Meantime, State Secretary for Economic Affairs Valentina Kerst announced that the investment is a great signal in difficult economic times. Kerst commended PAPACKS for bringing an innovative and environmentally friendly technology to Thuringia.
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