M-real will invest approximately EUR 6 million in sheeting operations at the Äänekoski paper mill. The investment will increase the sheeting capacity as well as modernize the conversion process and improve package quality. The investment project will be completed during the first half of 2011.
"This investment decision is a confirmation on both parties' belief in long term cooperation between M-real and Sappi. The investment improves the Äänekoski paper mill's competitiveness as a high quality coated fine paper production unit," says Mikko Helander, CEO of M-real.
"This investment strengthens the high quality status of the Galerie Art brand in the market and clearly improves our customer service. Galerie Art has performed very well and plays a key role in Sappi's product portfolio. The Äänekoski paper mill is also very well located to supply the fast growing Eastern Europe markets," continues Berry Wiersum, CEO of Sappi Fine Paper Europe.
M-real sold Graphic Papers business area to Sappi Limited at the end of 2008. As part of the transaction the Äänekoski paper mill remained in M-real's ownership and continued Galerie Art production for Sappi under a long-term contract.