Saudi Paper Manufacturing Co. Inks Deal with Italian Toscotec
Dammam-based Saudi Paper Manufacturing Company (SPMC) announced last Sunday (5 June, 2022) that it had signed an agreement of understanding with the Italian company Toscotec, a leading edge technology and customized solutions provider to paper producers around the world, to purchase a production line of hygienic paper rolls at a value of 300 million riyals (around $80 million).
SPMC said in a statement that the agreement relates to supplying a new machine as a fifth production line in Dammam 2nd Industrial City, with a design production capacity of 60,000 tons annually, bringing the company’s total production capacity to 1,90,000 tons annually.
It was also stated that the financing of the new expansion project will be through operating revenues and the sale of some non-performing assets, in addition to the proceeds of legal claims for which judgments were issued in favour of the company. The company also said that part of the financing will be through local banks and financial institutions.
