KNAUF and Leningrad region sign $62-million investment agreement

KNAUF and Leningrad region sign $62-million investment agreement
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On Friday, within the framework of the St. Petersburg International Economic Forum, an investment agreement on cooperation was signed between the government of the Leningrad region and JSC KNAUF Petroboard, incorporated in KNAUF Group.

As Construction.RU was told by the press office of the company, the document envisages investments in the amount of at least 3,5 billion rubles (about $62 million) to be made by KNAUF Petroboard in reconstruction of the liner board manufacture until 2020. According to the agreement, the Leningrad regional authorities are obliged to provide a support to the investor.

The agreement was signed by the Leningrad region’s Governor, Alexander Drozdenko, a Managing Partner of Knauf Gips KG, Manfred Grundke, and Chairman of the Board of Directors of JSC KNAUF Petroboard, Janis Kraulis.   

The funds will be used for the modernization of a complex for facing paperboard production from waste paper, including reconstruction of a board machine No. 2 and wastewater treatment facilities. This will allow to increase the production of cardboard, improve its quality, enhance production efficiency and reduce environmental load.