Russian Nicole-Pack Invests in Uzbek Flagship Paper Producer
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The Russian company "Nicole-Pack" has completed implementation of the first stage of an investment project to modernize the production of paper products at Angren Pack, the largest paper and cardboard producer in Uzbekistan. The volume of investments is estimated at US$42 million.
Sergei Kolesnikov, a co-owner of Nikol-Pak comments: “In June 2018, we bought out a controlling stake in Angren Pack. At the time of the transaction, production was actually stopped. No products were produced. The enterprise was in the process of liquidation. Part of the property has been arrested, and the other has already been sold»
According to him, the Uzbek market has a high potential for the development of the paper industry, while the rapid development of the Asian market opens up great export opportunities.
Thanks to the modernization and the launch of new equipment, the volume of production of fluiting corrugating paper and liner board has increased by 60%. In addition, implementation of the project has allowed to increase exports of paper products from Uzbekistan. At the moment, most of output is supplied to Kazakhstan, Pakistan, Kyrgyzstan and Azerbaijan.
Now the plant has started implementation of the second stage of the project aimed at expanding of already existing range. In addition, there are plans increase the output of Fluiting and Liner to 150,000 tons of finished products per year during the next several years, as well as to increase the production of corrugated packaging by more than 10 times - up to 150 million square meters.
