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Saudi Paper Manufacturing Co. Inks Deal with Italian Toscotec

Dammam-based Saudi Paper Manufacturing Company (SPMC) introduced final Sunday (5 June, 2022) that it had signed an settlement of understanding with the Italian firm Toscotec, a vanguard expertise and customised options supplier to paper producers around the globe, to buy a manufacturing line of hygienic paper rolls at a price of 300 million riyals (round $80 million).

SPMC mentioned in an announcement that the settlement pertains to supplying a brand new machine as a fifth manufacturing line in Dammam 2nd Industrial City, with a design manufacturing capability of 60,000 tons yearly, bringing the corporate’s whole manufacturing capability to 1,90,000 tons yearly.

It was additionally said that the financing of the brand new growth venture might be by means of working revenues and the sale of some non-performing property, along with the proceeds of authorized claims for which judgments have been issued in favour of the corporate. The firm additionally mentioned that a part of the financing might be by means of native banks and monetary establishments.

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