Hamburger Containerboard, which is a part of Austrian company Prinzhorn Holding, will establish a paper mill in the western Turkish province of Kütahya in an investment worth 300 million euros, Turkey’s investment agency announced on Sept. 13.
The factory is slated to be completed in 2020 and create 500 new jobs, read the statement, Reuters reported.
The facility will be the company’s first greenfield investment in Turkey, the statement noted, adding that Hamburger Containerboard would follow organic and inorganic growth opportunities in Turkey.
The company is based in four countries: Germany, Austria, Hungary and Turkey. The group produces high-quality corrugated case material, as well as plasterboard liner and paperboard, according to data in the company website.
The company entered the Turkish market through an acquisition and has two production facilities.
The new facility, which will have a production capacity of 480,000 tons of container cardboard, will be the company’s third paper mill in Turkey.
Turkish Investment Agency head Arda Ermut said Turkey had lured $4.9 billion foreign direct investment (FDI) in the first six months of the year.
“Turkey attracted $12.3 billion FDI inflow last year. We expect this year will be better,” Ermut said, as quoted by Reuters.