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European Bank signs loan for Polish chipboard manufacturer and Polish paper mill
The European Bank for Reconstruction and Development has signed two loan agreements for a total of DM 43.0 million (ECU 21.5 million); the loans are to Polspan Sp. z o.o. a chipboard manufacturer located in Szczecinek for DM 31 million and to Fabryka Papieru Malta - Decor S.A. a melamine facing paper producer located in Poznan for DM 12 million. Creditanstalt-Bankverein is participating in the loans with the European Bank.
Polspan and Malta - Decor are owned by Kronospan, one of the three largest chipboard manufacturers in Europe.
Ron Freeman, First Vice President of the European Bank, said "This project will increase production of high quality material which will enable local furniture producers to expand their export potential. We are delighted to be working with a strong partner who has a proven track record in Poland and a sound capital structure."
Polspan will use the loan proceeds to increase and modernise its chipboard manufacturing capacity, while Malta - Decor will commence production of decorative paper to service Polspan and other chipboard producers.
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