Brief: Lamor, Resiclo To Construct Chemical Recycling Plant

Lamor Oyj

22/06/2022 06:28

June 22 (Reuters) - Lamor Corporation Oyj  LAMOR.HE :
    * LAMOR HAS DECIDED TO CONSTRUCT A CHEMICAL RECYCLING PLANT
OF
PLASTICS TOGETHER WITH RESICLO
    * AIM OF RESICLO KILPILAHTI IS TO BUILD AN ANNUAL CAPACITY
OF
APPROXIMATELY 40.000 TONS OF CHEMICAL RECYCLING OF PLASTICS IN
FINLAND BY END OF 2026.
    * CONSTRUCTION WORK ON KILPILAHTI RECYCLING PLANT IS
EXPECTED TO
BEGIN IN SECOND HALF OF 2022, AND COMMISSIONING OF RECYCLING
PLANT IS SCHEDULED TO TAKE PLACE IN 2023.
    * LAMOR WILL INVEST EUR 1.2 MILLION IN COMPANY ESTABLISHED
FOR
PROJECT ("RESICLO KILPILAHTI OY"), WHICH CORRESPONDS TO 50% OF
SHARES OF RESICLO KILPILAHTI.
    * REST OF SHARES OF COMPANY WILL BE OWNED BY RESICLO OY.
    * TOTAL INVESTMENT OF FIRST PHASE IS ESTIMATED TO BE EUR 12
MILLION. IN ADDITION, LAMOR IS COMMITTED TO FINANCE RESICLO
KILPILAHTI'S FUTURE INVESTMENTS WITH A SUB-ORDINATED LOAN
AMOUNTING UP TO A MAXIMUM OF EUR 3 MILLION
    * LAMOR WILL INVEST EUR 1.3 MILLION IN RESICLO OY, WHERE IT
WILL
BE ACTING AS A MINORITY SHAREHOLDER WITH A 11.8% STAKE.
    * INVESTMENTS WILL BE PAID IN CASH
    * CONDITIONS ARE EXPECTED TO BE MET DURING SECOND HALF OF
2022.
    * RESICLO KILPILAHTI OY HAS SIGNED A LETTER OF INTENT FOR
LAND
AREA LOCATED IN KILPILAHTI AND BUILDING PERMIT PROCESS HAS BEEN
INITIATED.
    * AN ENVIRONMENTAL PERMIT HAS BEEN ASSIGNED FOR FIRST PHASE
OF
PROJECT OF RESICLO KILPILAHTI OY.
    * PERMIT IS VALID UNTIL END OF JANUARY 2024. COMPANY IS
APPLYING
FOR A PERMANENT ENVIRONMENTAL PERMIT DURING 2022.

Source text for Eikon:  urn:newsml:reuters.com:*:nRBB72GdxP
Further company coverage:  LAMOR.HE 

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