World machine-building leader Metso Paper has concluded its largest contract in Russia in the past 20 years, according to the company. Metso Paper signed a deal with Segezhsky papermaking plant in Petrozavodsk yesterday. According to Cardboard Machine Division Director Kai Lindroos, the contract calls for Metso Paper to modernize 10 papermaking machines of Segezhsky. The company received a USD 45 million credit from Sberbank to fulfil the project. Karelian-based Petrozavodskbummash will receive USD 3.4 million of the credit in return for part of the equipment ordered by Segezhsky. The papermaking machines should be operational by June 2004.
The modernization of the Segezhsky papermaking machines is the first stage of a multi-stage process. The second stage calls for a USD 17 million reconstruction of the cellulose production line. As a result of the modernization, Segezhsky intends to more than double overall production. Metso Paper is a part of Metso Corporation, which had total production valued at USD 5.2 million in 2002.
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