Business
Kruger Products to Invest $575 Million to Build a New Tissue Plant
Kruger Products to Invest $575 Million to Build a New Tissue Plant Canada NewsWire...
About this update from Kp Tissue, Inc.
[{"type":"text","content":"\n\n\n\nKruger Products to Invest $575 Million to Build a New Tissue Plant\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n\n\n\n\n\n\n\nCanada NewsWire\nSHERBROOKE, QC, Aug. 16, 2018\n\n\n\nCompany to implement a state-of-the-art paper machine in Québec\n\n\n\nSHERBROOKE, QC, Aug. 16, 2018 /CNW Telbec/ - KP Tissue Inc. (\"KPT\") (TSX: KPT) and Kruger Products L.P. (\"Kruger Products or \"KPLP\") today announced its plan for a capital investment of $575 million in the Brompton area of Sherbrooke, Québec, to build a new, state-of-the-art tissue plant featuring Canada's largest and most modern through-air-dry (TAD) machine. The project will create more than 180 new jobs in the region. The announcement of this major project, supported by the Government of Québec, was made in the presence of Dominique Anglade, Quebec Deputy Premier, Minister of Economy, Science and Innovation and Minister of Québec's Digital Strategy, Luc Fortin, Québec Minister of Families and Minister Responsible for the Estrie Region, and Guy Hardy, MNA for Saint-François, as well as Dino Bianco, Chief Executive Officer, Kruger Products L.P., and Joseph Kruger II, Chairman and Chief Executive Officer, Kruger Inc.\n\nThe new plant, which will be adjacent to an existing facility of the Kruger Group, will produce at maturity approximately 70,000 metric tonnes per annum of bathroom tissue and paper towels which will enable Kruger Products to increase its offering of ultra premium and innovative tissue products under the Cashmere®, SpongeTowels® and Purex® brands.\n\nThe project is supported by the Government of Québec through Investissement Québec (\"IQ\"), which has agreed to invest $105 million by way of a convertible debenture. The remaining financing for the project is currently being finalized.\n\n\"This project is on an unprecedented scale for Kruger Products and will give us the additional capacity to continue to grow our business into the future.  This new facility combined with our Memphis TAD location will all...