Finnpulp starts basic engineering of its forest biorefinery in Kuopio
Type of post: NEWS IN BRIEF.
More news about the advances of bioproduct mill
projects in Finland. And, again, a Chinese company as an active player. By the
end of March, the Blog reported on the signing of a letter of intention of
investment between Shanying Investment Management Co., Ltd. and Boreal Bioref
Oy regarding to the new plant in Kemijärvi (see “Plans
for a forest biorefinery in Kemijärvi have moved a step closer to final
implementation”). Now, it is the turn of the facility that Finnpulp will build in Kuopio with
a total investment is 1.4 billion euros (see press
release, 23/4/2018). The company has announced the two key facts that are
summarizing below.
Further details about the characteristics of
these new plants and other bioproduct mills here: Bioproduct
mills – Pillars of the new forest bioeconomy.
1. The basic engineering of the bioproduct
mill has started. It will last about one year and will form the basis for
the final investment decision by the company.
2. Hengan
International became a shareholder of the company. It is listed on the
Stock Exchange of Hong Kong and its share of China’s growing personal hygiene
product markets is 20% (2016). The 11.7 M€ investment made by Hengan entitles
to 36.5% of the share capital. Hengan has a possibility to increase its share
of the company up to 49% in the future. At the same time, the previous owners
MTK and Grizzly Hill Capitals have raised their investment in Finnpulp. Both
parties will have 11.5 % of the company´s ownership.
Figure 1. Share agreement signatures by Hengan
International CEO and Finnpulp's Chairman (extracted from the press release)